Major Banks Targeted in Tax Grab by Government to Fund Deficit; No Change to FVEs at This Stage
The federal government’s surprise bank liabilities tax is disappointing, and in our view, the increase in funding costs to the four major banks and Macquarie Group, or the targeted banks, will over time be passed on to customers via higher mortgage interest rates, lower deposit rates, and/or lower dividends. Furthermore, lending growth and consumer spending will likely slow, dampening broader economic conditions. The federal government is forecasting AUD 6.2 billion in revenue from the levy over...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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