On 30 May 2017, the Major Bank Levy Bill 2017 was submitted to the Australian Parliament and is currently before the House of Representative. The Bill provides for the introduction of the bank levy proposed in the Budget 2017-18 ({News-2017-05-10/P/2- previous coverage}) on authorized deposit-taking institutions (ADIs) with total liabilities of greater than AUD 100 billion. The levy will be imposed at a rate of 0.015% on certain liabilities of affected ADIs on a quarterly basis (0.06% per ann…