The Australian Banking Association has launched a stinging broadside against global tech behemoths, alleging a "regulatory imbalance" that allows companies like Apple, Google, and Meta to profit from the domestic economy while avoiding the fiscal obligations faced by local lenders.
ABA CEO Simon Birmingham revealed that Australia's largest financial institutions endured an effective tax rate of 40% in the 2025 financial year.
The sector contributed a staggering $16 billion in taxes and levies, including $11.5 billion in corporate tax and $1.8 billion via the major bank levy.
In a pointed comparison, Birmingham noted that Apple—boasting a market capitalisation seven times larger than the "Big Four" combined—paid less company tax over a year than the major banks paid in a single fortnight.
"They enjoy the benefits but avoid the obligations," Birmingham argued, highlighting that multinational payment platforms often use complex accounting to shift revenue to low-tax jurisdictions.
While local banks have invested billions into national infrastructure like the New Payments Platform and scam prevention, the ABA claims foreign competitors provide "bank-like services" without proportionate contributions to the system’s security or regional accessibility.