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...National Australia Bank provides banking services, credit and access card facilities, leasing, housing and general finance, international banking, investment banking, wealth management, funds management, life insurance and custodian, trustee and nominee services. Co.'s division include: Australian Banking, which provides products and services to retail and business customers; National Australia Bank Limited Wealth, which provides superannuation, investment and insurance solutions; and New Zealand Banking, which comprises the Retail, Business, Agribusiness, Corporate and Institutional and Insurance franchises in New Zealand. As of Sept 30 2016, Co. had total assets of A$777.62 billion.
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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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