Robertson considered 'supernormal' tax on bank profits, but there were issues

Treasury officials presented a memo to Grant Robertson exploring options for taxing "supernormal" bank profits. (Image: Getty)

Dileepa Fonseka

Wed, 12 Jul 2023

Finance minister Grant Robertson received advice from Treasury on "supernormal" bank profits three months out from budget day.In an aide memoire from Treasury to Robertson on Feb 17, Treasury's tax strategy manager Stephen Bond and analyst Dan Doughty said the department was working on options to tax supernormal bank profits which could be put in place by budget day. "Our previous report noted that the elevated profitability of the four largest banks could indicate supernormal profits. "...

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