Since the recent tax levy on banks was announced Macquarie has kept its counsel while the big four banks sounded off. Now Australia's largest investment bank has hinted it may go offshore.
The largest banks, ANZ,Westpac,National Australia Bank and Commonwealth Bank estimate they will need to cough up in the region of $1.4 billion when the new government bank tax takes effect in 2017-18.
Macquarie sits just outside the top four and therefore would be looking at a much lower levy payment.
According to the Australian Financial Review (Behind Paywall) Macquarie would be looking at around a $70 million tax payment.
Asia Would Welcome Them
Australia's only global investment bank has business units in 28 countries with large operations in the global financial hubs of Singapore and Hong Kong in Asia as well London and New York.
With their close proximity to Australia, Hong Kong and Singapore would welcome Macquarie as would the Brexit headed London.
While any decision is a long way off the bank has apparently hinted to the major political parties it was at least looking into relocating overseas following the announcement of the bank tax in the May budget.
Management Doing Very Well
finews.asia reported recently that Macquarie rewarded its top executives with remuneration packages over 200 times the average Australian annual wage.
The chief executive Nicholas Moore, held on to his position as the best paid business leader in Australia after he earned in excess of $18 million Australian dollars in the past year.
The investment bank’s annual report showed Moore’s pay packet rose by nearly $700k Aussie dollars last year, while many of the institutions senior executives also took home substantial rises.
The woman widely tipped to eventually run Macquarie Group, asset management boss Shemara Wikramanayake, didn't fare too shabbily either netting $17.3m for the year.
