By Professor David Grant, Pro Vice Chancellor (Business), Griffith Business School
Last year’s Federal Budget produced an unwelcome surprise for the major banks in the form of the Banking Levy. The cries of pain from those affected are now long since forgotten and any remaining sympathy for their situation has dissipated given what has been uncovered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. With the Commission revealing what is seemingly a systemic problem in the industry, attention has now turned to whether and how the banks and other major financial institutions might be penalised and further regulated.
Against this background, the 2018 budget becomes all the more interesting; not because it does anything to single out the banks and others in the financial services sector for special (punitive) treatment as a response to their wrongdoings highlighted by the Commission, but rather because the budget is
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