The CBA boss spoke at a public listening to at Parliament Home in entrance of the Home of Representatives economics committee, the place he expressed concern over how banking clients had been being hit of their financial savings.
“I feel we’re over-relying on earnings [taxes]. I do not suppose we’re taxing wealth as closely as we might,” Comyn mentioned in Canberra.
“I feel it is a part of a broader structural subject that must be addressed. I perceive that the adjustments are all the time very unpopular.
“I feel the tax system for the time being is just not as environment friendly, easy and honest because it may very well be.”
Comyn acknowledged he was no tax skilled and mentioned his remarks weren’t a criticism of any authorities.
He mentioned it was an important reform that may assist Australians throughout the cost-of-living disaster.
It follows a brand new report from Anglicare, Widening the Hole, which discovered the richest Australians have 90 instances extra wealth than the poorest within the nation.
This wealth hole was blamed on adverse gearing and capital good points tax concessions.
Comyn hit again at solutions superprofits from firms had been contributing to this subject.
Earlier throughout the parliamentary inquiry on Australia’s massive 4 banks, Comyn labelled the Greens’ proposed tax on massive corporations “insidious populism”.
The Greens introduced on Wednesday a “Robin Hood reform” proposal which might tax extreme earnings of huge firms at 40 per cent.
“The coverage that was introduced yesterday is simply [one reflecting] insidious recognition… and I feel it’ll drive a basic mistrust over the following decade,” he mentioned.
“I simply see too typically now, notably in exterior environments, claims which might be made that simply usually are not demonstrably true, and that’s weakening and driving a basic mistrust throughout residents.
“You should be seeing it, we’re seeing it – and it’s a actual trigger for concern and I simply do not suppose the suitable factor is to place issues after they’re factually incorrect.”
