Macquarie pleads for levy exemption
The threshold for the planned levy on bigger banks should be lifted "to exclude Macquarie Bank", or so Macquarie Group calls for in its first public commentary on the levy.The major banks and four others have lodged submissions with the Economics Legislation Committee of the Senate Standing Committees on Economics. The committee will hold a short hearing today in Canberra featuring three CEOs: Nicholas Moore from Macquarie, Mike Hirst from Bendigo and Jamie McPhee from ME. The major banks are sending their chief financial officers.In its submission, Macquarie played up its position as an exporter of financial services and styled the six basis point levy on mainly wholesale liabilities as a "tax on exports".Macquarie also played up its lower profit, at least in its banking business, of ten per cent and its status as a price taker in retail banking.Most bank submissions are an echo of matters aired in the last five weeks since the budget, with the major banks still miffed and smaller banks supportive.