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On The Record

Commonwealth Bank comments on new bank tax

CBA CEO comments on new bank tax

Image source: Joan and George Habib, one of Commonwealth Bank's more than 800,000 mum and dad shareholders

Ian Narev comments on the proposed bank tax announced in last night's Federal Budget.

Ian Narev, CEO Commonwealth Bank said:

"Commonwealth Bank of Australia notes the bank tax announced in last night’s Federal Budget. 

"As with the many recent new regulatory imposts, we need to take some time to work through the implications. This is particularly so given the lack of detail and the absence of any consultation. However, as every business owner or employee knows, every extra cost needs to be borne by customers or shareholders, or a combination of both.  

"We look forward to Treasury outlining how this tax will apply in practice.

"Once we have received all the details on the new tax, we will do our best to strike the right balance to ensure we continue to enhance the financial wellbeing of people, businesses and communities."