Chris Bowen attacks Opposition on withholding tax
The Federal Opposition's resistance to reducing interest withholding tax is tantamount to withdrawing support for Australia becoming a major financial services hub, according to the Minister for Financial Services, Chris Bowen.
Bowen has joined with the Assistant Treasurer, Nick Sherry, in claiming that by committing to overturning the Government's interest withholding tax reforms, the Coalition is damaging Australia's status as a financial services hub.
"You can't be in favour of growing Australia as a regional financial services sector, yet oppose every policy setting that is designed to achieve that outcome," Bowen said.
Bowen said that by resisting the changes, the Opposition was coming down on the side of less banking competition and more expensive loans for Australian households and businesses.
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