Aussie banks to face additional tax from Southern state by July 1

Banks say the move is an 'outrageous cash grab'.

Australia’s biggest banks have blasted a plan by one of the country’s state governments to create an additional levy on lenders, and urged other provincial leaders to rule out similar moves, according to Bloomberg.

"South Australia surprised the nation’s largest lenders Thursday with a new tax that is in addition to a recently legislated federal levy. The Adelaide-based government aims to raise A$370 million ($280 million) over four years. It said that banks still aren’t paying enough even after the imposition of the A$6.2 billion federal charge," Bloomberg said.

Read the full story here.