19th Jun 2017, 9:15 PM – Senate Major Bank Levy Bill 2017, Treasury Laws Amendment (Major Bank Levy) Bill 2017 - in Committee - International banks

The majority voted against a motion introduced by Nick Xenophon Team Senator Nick Xenophon (SA), which means it failed. Senator Xenophon explained that the motion would have ensured:

"that the provisions of the Major Bank Levy Bill would also apply to foreign banks that have significant assets of over $100 billion in terms of their global assets. What this would mean is that banks such as HSBC, ING and BNP Paribas would be liable for this levy in terms of their Australian liabilities."

Read the arguments against the motion on OpenAustralia.org.au and learn more about the bill in the explanatory memorandum.

Motion text

(1) Clause 4, page 3 (lines 7 to 9), omit subclause (2), substitute:

(2) The total liabilities amount for a quarter in relation to an ADI is:

(a) if the ADI is a foreign ADI (within the meaning of the Banking Act 1959)—the amount equal to the total liabilities of the ADI and its related bodies corporate (within the meaning of the Corporations Act 2001) for the quarter (excluding any liabilities to each other); or

(b) in any other case—the amount equal to the total liabilities of the ADI for the quarter;

as reported under an applicable reporting standard.

(2) Clause 5, page 3 (lines 20 and 21), omit paragraph (2) (a), substitute:

(a) the amount equal to the total liabilities of the ADI for the quarter, as reported under an applicable reporting standard; and

(3) Clause 6, page 4 (line 18), omit "paragraph 5(2) (b)", substitute "(5) (2)".

(4) Clause 7, page 5 (lines 19 and 20), omit "subsection 4(2), paragraph 5(2) (b) or subsection 6(2)", substitute "subsection 4(2), 5(2) or 6(2)".

(5) Clause 8, page 5 (line 28), omit "subsection 4(2), paragraph 5(2) (b), or subsection 6(2)", substitute "subsection 4(2), 5(2) or 6(2)".

Statement pursuant to the order of the Senate of 26 June 2000

These amendments are framed as requests because they are to a bill which imposes taxation within the meaning of section 53 of the Constitution. The Senate may not amend a bill imposing taxation.

Statement by the Clerk of the Senate pursuant to the order of the Senate of 26 June 2000

As this is a bill imposing taxation within the meaning of section 53 of the Constitution, any Senate amendment to the bill must be moved as a request.