Australia shares slide as banks plummet; NZ falls

The 2017-18 budget is a far cry from the 2014 offering from Hockey and Abbott

According to The Australian, one way in which the mooted scheme could be introduced is through comparing a national register of foreign owned land which is being constructed by the Australian Taxation Office with water usage levels kept by each state to determine which properties are both (a) owned by foreigners and (b) also sitting vacant.

Adding that the banking sector is already the largest taxpayer in corporate Australia, and has "significantly strengthened its capital and liquidity base to ensure it is unquestionably strong and does not have to rely on implicit guarantees from government", Mr Elliott said that the bank believed the "initial public support for the tax will prove to be misplaced".

"It was most encouraging that the Coalition government has set funding of the NDIS as a priority for the budget, after the years in which the high aspirations were never matched with funding from either the previous Labor government or the current coalition government", Professor Kendig said.

The levy is equal to about 5 percent of banking sector profits, UBS Group AG analysts led by Jonathan Mott said in a note before the levy was announced.

Elsewhere, several crossbench senators have joined calls for an investigation into how the budget's controversial bank levy was leaked to the media, leading to a $14 billion wipeout of bank shares. The harsher stance from the prime minister - himself a former Goldman Sachs investment banker - comes just months after he started to force banking executives to front parliamentary inquiries about their behavior following a series of scandals.

It seems the government feels the banks are a relatively soft target for a tax rise at a time when they are vulnerable and not in a position to launch a vigorous publicity campaign against the new levy - in contrast to the mining industry's ferocious attack on the Kevin Rudd Labor government's proposed mining tax five years ago. "It would be a bad outcome for everyone concerned".

"The Government has laid out a blueprint for strengthening consumer trust in the financial services industry".

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"The Australian banks will seek to compensate for the levy, which may include expectations of higher returns from their New Zealand subsidiaries, although the main compensation will come from their Australian customers", Stuff quoted Matthews as saying. It marks the second-largest new revenue measure in the annual fiscal blueprint.

"Serious questions need to be asked about the indecent haste with which this new bill is being shoehorned into Parliament in a way that will avoid normal drafting and review processes and the scrutiny that should accompany such a critically important piece of legislation", she said. It will not apply to additional Tier 1 capital. "It is not possible to impose a tax without an impact on people", he said.

The Treasurer was unrepentant when speaking about the new tax, which he admits will be used for budget fix after he was forced to dump more than $13 billion of "zombie" savings measures from the 2014 federal budget that had failed to pass the parliament.

It is expected that the new levy will raise up to $6.2 billion.

Businesses with a turnover of less than $10m will pay lower rates: $3,000 for employees on permanent work visas and $1,200 for employees on temporary skill shortage visas.

The biggest shareholders of Australian banks are the super funds of all Australians, Ms Bligh said.

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