NAB executive director of finance Mark Joiner has called for changes to the tax system for depositors.
The executive director of finance at the National Bank of Australia (NAB) has called for a rethink of tax treatments on savings account deposits to be high on the agenda at the Federal Treasurer's Tax Forum in October.
Addressing the American Chamber of Commerce luncheon, Mark Joiner stated that this issue is one which needs to be addressed and that the forum is the right place for the debate to be held.
He stated that a strong deposits market is important to the sector and that adopting the current tax setup would bring many benefits to Aussie credit card holders with savings accounts.
"Changes to the tax treatment of deposits in Australia which help develop a stronger domestic market should be high on the agenda at the Tax Forum," Mr Joiner told at-tendees.
According to Don Stammer, writing for the Australian, the increase in the number of people putting money away in savings accounts and other financial instruments is some-thing which should be encouraged.
By Nate Sawyer
