Major banks confirm borrowers won't pay for beefed up ASIC

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All four of Australia’s major banks have ruled out passing on to customers the costs of the recently announced ASIC levy.

The government has raised the levy that banks must pay to the corporate regulator by $121 million, in a move to ensure that banks and financial institutions are responsible for funding their own regulatory body.

The government will also commit an additional $6 million in taxpayer funds to ASIC.

ANZ was the last of the four majors to confirm it would rule out passing on the costs of the levy through increased interest rates, joining Commonwealth Bank, NAB and Westpac.

Westpac, who quickly came out in favour of the reform, said in a statement, “We certainly have no plans to increase rates based on [the] announcement."

Confirmation that the four banks would not increase rates to fund the levy comes following treasurer Scott Morrison's comments that he would be “furious” should any banks attempt to pass the costs onto customers.

Senator Sean Edwards, chair of the Senate standing committee on economics, reiterated Morrison’s stance, saying, "I've been in touch with a number of the banks; they're very keen to respond to what the Government has put forward.

"I would think that shareholders of all of those banks, which are basically mums and dads of Australia, are very keen to ensure that they do the right thing by all Australians."


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