“The Federal Opposition has accused the Government of breaking an election promise by planning to introduce a tax on bank deposits.  The former Labor Government put forward the policy in 2013 to raise revenue for a fund to protect customers in the event of a banking collapse.  Shadow Assistant Treasurer Andrew Leigh said Treasurer Joe Hockey criticised the proposal at the time. ‘When we put it on the table Joe Hockey said that it was a smash and grab on Australian households just aimed at repairing the budget,’ he said.  The banking industry has raised concerns about a deposit tax, saying it will have to pass the cost back onto customers.”