But Mr Shorten insisted his party was looking after middle-income households that would cop a Medicare levy increase under the coalition.
After two days of debate on the Federal Government's proposed big bank levy, it appears that Scott Morrison's only justification for the levy is that Australia's banks are profitable and unpopular.
Brian Hartzer, Westpac's chief executive said there is no 'magic pudding' to budget fix, while Commonwealth Bank chief, Ian Narev, said "every extra cost needs to be borne by customers or shareholders, or a combination of both".
The tax, which will be introduced on July 1, is forecast to reap $6.2billion for the government over four years.
"As with the many recent new regulatory imposts, we need to take some time to work through the implications".
"We have no plans to do that whatsoever", Mr Morrison told ABC television on Sunday. "This is particularly so given the lack of detail and the absence of any consultation", he said.
"I mean banks can jack up prices on their customers every day if they like". Don't confirm their worst impressions.
Trump says he may choose a new Federal Bureau of Investigation director by Friday
Trump took to Twitter on Friday to blame his "active" presidency for any inaccuracies that his surrogates make at the podium. The New York Times reported the president asked Comey in January to pledge loyalty to him and that Comey refused to do so.
"They already don't like you very much", Morrison said. "Tell them another story", he said.
In this year's budget he cut the deficit levy, so anyone earning more than $180,000 will pay 2 percentage points less tax from June 30.
The banking lobby is demanding that Treasurer Scott Morrison reveal the numbers used to justify what it has slammed as a "hastily designed" and harmful $6.2 billion levy on the nations biggest financial institutions.
"The Australian Competition and Consumer Commission will be watching this closely and if there's any misleading conduct or misrepresentation by the banks in relation to this matter, they'll be on it and they've been funded to do that job".
Each of the five banks set to be affected by the levy have issued statements saying it's too soon to assess the full impact of the tax as of yet, however Commonwealth Bank chief executive Ian Narev noted that someone will have pick up the bill. She said the "tax" was a "shambles" rushed into the budget "with indecent haste" that would hurt everyday Australians.
Mr Narev said that once the bank had received all the details on the new tax, CBA would "do [its] best to strike the right balance" to ensure it "continue [s] to enhance the financial wellbeing of people, businesses and communities".
Comments