Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. In the budget, what is the dollar value of the tax deductions forecast to be claimed by the banks in connection with the bank tax?

Mr Pyne interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Leader of the House will cease interjecting.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I refer the member to table 9 of statement 5, and that goes to the matter of the revenues that he is referring to.

I find it fascinating that, the second we move to actually put in place a proper levy on the banks, the first people to spring to the defence of the banks are those who sit opposite. We know what the tactics are here. We know that the tactics here are to try and kick up as much dust as they possibly can and to raise as much doubt about the levy as they can for all their friends who litter the executive corporate affairs offices of the major banks and who used to be employees of the Labor Party. We know this is the tactic: to come in here and cast doubt about a tax which fairly puts upon our major banks a recognition of the fact that they have an advantage of some 20 to 40 basis points in the environment.

Today that advantage was recognised by Standard & Poor's. It is true that the four major banks and Macquarie Bank were all able to preserve their rating from Standard & Poor's because of the very special place that they hold within our regulatory system. Sadly for those regional banks who do not benefit from that privileged position, they did not get that support from the ratings agencies. So we make no apologies whatsoever for putting in place a fair measure. If those opposite do not want to support the bank tax, do not vote for it. Otherwise, get behind it.