Australia delays first payment of $4.6b bank levy by three months

It will now be due in March.

According to Reuters, the Australian government has delayed the date of the first payment of its A$6.2 billion ($4.60 billion) bank tax by three months and excluded some liabilities from the levy, according to proposed legislation released on Tuesday.

"The legislation did not include any sunset clause, which had been sought by the banks given the government had justified the tax as being necessary to help bring the federal budget back into a surplus by the financial year ending June 30, 2021," said Reuters.

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