Dion Hershan from Yarra Capital Management does not agree with Scott Morrison’s $6 billion bank tax, which has elicited a similar $370 million grab from South Australia.
“It ticks all the wrong boxes — poor policy that’s been poorly executed, poorly explained and it sets a disturbing precedent. Banks are intermediaries, input costs like this should be passed on,” he says. Despite this, Hershan believes the case for owning banks remains strong.
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