Abbott government dumps Labor's bank deposit tax at cost of $2 billion in lost revenue

By Lisa Cox
Updated September 1 2015 - 10:08pm, first published 9:42pm
Treasurer Joe Hockey and Prime Minister Tony Abbott. Photo: Alex Ellinghausen
Treasurer Joe Hockey and Prime Minister Tony Abbott. Photo: Alex Ellinghausen

The Abbott government has walked away from a plan to impose a tax on bank deposits, a proposal that was expected to deliver revenue of $500 million a year.

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