Australian PM to visit Canada for meeting with G20 on bank tax

16:38, June 23, 2010      

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Australian Prime Minister Kevin Rudd will head to Canada for a meeting of G20 leaders, where he will resist a push by Europe and the United States to impose a levy on banks, Australia's media reported on Wednesday.

In Toronto, Rudd will take on Britain, France and Germany who want other countries to follow their lead and impose a levy on the banks to deal with the financial crisis that has beset their economies.

The United States is another key supporter of the bank levy.

While Australia has been a strong advocate of better regulatory systems to try to prevent another global financial meltdown, Rudd warned against a one-size-fits-all approach.

He told reporters the G20 needed to be mindful that some nations, such as Australia and Canada, had emerged from the crisis with their financial systems intact.

"What I am most concerned about is the regulatory burden being imposed from on high, which would have an effect on the cost of finance here in Australia," Rudd told Australian Associated Press. "That's the bottom line for me."

Rudd wanted to ensure any agreement from the G20 recognizes the "robustness" of the Australian financial system.

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