Australian banks launch 'strongly worded' attack on new levy

The banks could incur additional annual costs of $745m.

According to Reuters, Australia's four biggest lenders on Monday launched a strongly worded attack on the government's new levy on big banks, estimating nearly A$1 billion ($745.00 million) in additional annual costs between them.

Banks have opposed the tax announced in the federal budget on May 8, with Commonwealth Bank of Australia (CBA), Westpac Banking Corp, National Australia Bank Ltd (NAB) and Australia and New Zealand Banking Group Ltd (ANZ) now putting a number on costs they say will be borne by customers and shareholders.

Read the full story from Reuters here.