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No plans to levy NZ banks: English

NZ Newswire logoNZ Newswire 10/05/2017

The government has no plans to follow Australia's example and raise revenue by putting a levy on banks, Prime Minister Bill English says. © Phil Walter/Getty Images The government has no plans to follow Australia's example and raise revenue by putting a levy on banks, Prime Minister Bill English says. The government has no plans to follow Australia's example and raise revenue by putting a levy on banks, Prime Minister Bill English says.

The levy was announced in the Australian government's budget on Tuesday - it will raise about A$6 billion (NZ$6.4b) over the next four years.

"It's not something we're aiming to do here," Mr English told reporters on Wednesday.

"My advice is it won't be applied to the New Zealand subsidiary banks. It's up to them how they raise taxes, it doesn't appear to affect us."

Commenting on the budget generally, Mr English said it was good to see that the economy was going to grow.

"That's good for us, and the Australian government heading back to surplus is good too."

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