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...Macquarie Group is non-operating holding company. Through its subsidiaries, Co. provides banking, financial, advisory, investment and funds management services. Co.'s principal activities include distribution and manufacture of funds management products; trading in fixed income, equities, currency, commodities and derivative products; corporate and structured finance, advisory, underwriting, facilitation, broking and real estate/ property development; and banking activities, mortgages and leasing. As of Mar 31 2016, Co. had total assets of A$196.76 billion and total deposits of A$52.25 billion.
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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