Australia To Tax Large Bank Deposits

Australia has unveiled a levy on some bank deposits to raise money towards a fund aimed at safeguarding against a banking collapse.

Deposits up to A$250,000 will have to pay a levy of 0.05% from January 2016.

It will be imposed on banks and not account holders. But banks have warned costs may be passed on to customers.

The move comes as the government warned of slower economic growth and a much bigger budget deficit than it had previously forecast.

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