Westpac’s Shareholders to Share the Pain if Bank Levy Not Recouped. AUD 35 FVE Unchanged
Wide moat-rated Westpac Banking Corporation quantified the likely annual cost of the 2017 Federal Budget major bank deficit repair levy at about AUD 260 million after tax. The levy is expected to be implemented from July 1, 2017 and applies to the four major banks and Macquarie Group Limited. Westpac estimated the levy will reduce second-half fiscal 2017 cash profits approximately AUD 65 million after tax. Key unanswered questions remain. Can the bank recoup the cost from customers via product r...
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