Major Bank Customers, Shareholders and Staff to Share the Pain of the Government’s Unfair Bank Tax
The four wide moat-rated major banks have individually quantified the estimated cost of the 2017 Federal Budget bank deficit repair levy with the collective cost expected to be approximately AUD 965 million per year after tax. The collective pretax cost of the bank levy is estimated at AUD 1.38 billion per year but all banks stressed significant uncertainty surrounding the calculation and the likely impact of the tax as the proposed legislation is yet to be finalised. Macquarie Group has not yet...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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