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1.Market Observations, 8.Was Sticky

11 May 2017 (AFR) – ASIC to probe budget 2017 bank levy leak

(11 May 2017, AFR, p8, by Patrick Durkin)

‘Senator Derryn Hinch has written to the Australian Federal Police seeking an investigation into news leaking about the $6.2 billion bank levy, which wiped $14 billion off bank shares ahead of the budget. Sky News speculated on Monday night that the government was formulating a plan to levy the big four banks and on Tuesday ahead of the budget media lock-up, The Australian Financial Review published an online story just after noon confirming the move. The speculation sparked a $14 billion sell-off in bank stocks.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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