BANK TAX BUNGLES NARROWS BLAME FOR $30 BILLION ‘LEAK’

Last week’s revelations of a $2 billon black hole in the Government’s bank tax have been compounded with Senate Estimates uncovering details around the leaking off official information concerning the bank tax on Budget day while the market was still trading.

The Treasurer needs to come clean and tell the Australian people that he or his office weren’t involved in this leak that saw billions of dollars in bank share value lost in the afternoon trading.

Treasury Secretary revealed in questions from Labor Senators that ASIC and the AFP were investigating the leak.

Mr Fraser confirmed that critical information relating to the time he was due to call bank CEOs was published as part of the bank tax leak was closely held by “four or five” Treasury officials, staff in the Treasurer’s office and “the Treasurer would have been aware too”.

The Australian Financial Review reported online at lunchtime ahead of the Budget lock-up on Tuesday 9 May that:

The sources said Treasury Secretary John Fraser will call the big four bank chief executives on Tuesday night at 6.30pm before Mr Morrison delivers the bad news.”

Mr Fraser confirmed Treasury staff were cooperating with ASIC in its investigation.

The Treasury Secretary added that:

“On the basis of what we have been told by our staff, on the basis of informed discussions with my senior executives as to who knew when what, I would be devastated. I remain, I would be devastated, if I had thought that one of my staff had been responsible for this. I have seen nothing in the time I have been Secretary to make me think that it came from Treasury, but can I give you a guarantee? No. I don’t think anybody can.”

The Treasurer needs to be similarly as transparent as the Treasury Secretary and outline what steps he has taken to ensure himself that the leak did not originate from his office.

MONDAY, 29 MAY 2017

This is a joint media release with Labor's Shadow Treasurer Chris Bowen MP.


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