It appears that in Australia banking fees are on the rise. There are still many basic questions that are going unanswered, but the root of the banking fees being increased seems to be an approximate 6 billion deficit in the country’s budget. One of the most common unknown questions is “Who’s pocket will the increase in banking fees be coming out of?” Many opinions state that this type of tax increase is dangerous and will surely hurt those who use and profit from the banking system.
Key Takeaways:
- Bank fees in Australia are going up, but people are unclear what banking actions will incur the new fees
- Most people generally agree that the government is using the new taxes to fill a budget hole
- When new taxes and fees are imposed on banks, the consumers are the ones who pay
“Australia lost about $14 billion dollars in share valuation to raise $6 billion, that is hardly a good deal.”
Read more: https://www.possolutions.com.au/blog/bank-fees-up
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