Member for Cowper Luke Hartsuyker said the Government will not proceed with Labor’s Bank Deposit Tax. “Labor’s Bank Deposit Tax would have imposed costs of $1.5 billion on Australians with savings,” Mr Hartsuyker said. “This Government is in the business of protecting the savings of Australians – not raiding them. Our action reflects the Government’s determination to deliver lower, simpler and fairer taxes. “This decision comes after extensive consultations with stakeholders and the community. “The bank deposit tax was a sneaky tax grab announced on the eve of the last election that would have punished responsible savers who chose to save their money and put it in the bank,” Mr Hartsuyker said. “Labor’s Chris Bowen booked the revenue – with a start date of 1 January 2016 – but failed to legislate the change. “The Deposit Tax would have damaged competition in the banking sector by putting regional and community-owned banks and credit unions at a disadvantage relative to the big four banks, further disadvantaging hard-working Australians. “We have scrapped the carbon tax, scrapped the mining tax and delivered the biggest tax cut ever to small business. In total we have reduced the overall tax burden on Australians by nearly $7 billion since coming to office and we want to continue lowering taxes on the Australian people. “The Coalition Government has also dumped Bill Shorten’s raid on inactive bank accounts. “This Government is here to encourage Australians to earn more and invest more, not punish Australian families like Labor did,” Mr Hartsuyker said.