Australian government considers levy on bank deposits

CANBERRA: Australia’s Treasurer Chris Bowen has confirmed he was in discussion with banks about a possible new levy to protect customer deposits as the government seeks new revenue to shore up its budget.

Initial reports of the levy sent shares in Australia’s major banks down. Bowen is expected to update Australia’s budget forecasts today, ahead of national elections which could be called at any time, and has said he is committed to returning a surplus budget by 2016-2017 despite falling revenues.