The proposal would impose a levy on significant banking businesses listed on the ASX 100. This levy would be applied proportionately, based on market capitalisation of these companiesin the previous 12 month period. The levy would be deductable for company tax purposes,and raise $160 million each year, net of the applicable company tax impact.

The proposal would commence on 1 January 2020. There would be ahalf-year impact in 2019-20.