3 July 2017
Adelaide, 3 July 2017: The Australian Bankers’ Association welcomes the decision by the South Australian Liberal Party to oppose the proposed State Bank Tax in the South Australian Parliament.
“We welcome this sensible decision by the Opposition because it is in the interests of all South Australians,” ABA Executive Director Tony Pearson said today.
“The growing outcry from South Australians about this tax shows they understand it would have a serious impact on ordinary households and the cost of doing business in their state.
“The SA bank tax is bad policy. It is bad for bank customers, shareholders and employees. It is bad for business, investment, jobs and growth in South Australia. And it will impact on all Australians as it affects offshore investor confidence and appetite to invest in our nation.
“The SA Bank Tax would also place South Australians at a competitive disadvantage to the rest of Australia, at a time when it can least afford to be and when economic policies are needed to attract investment, drive growth and create jobs in the state.
“The banking industry wants to work with South Australians to grow their business, which will deliver greatly needed new investment, create new business opportunities and deliver new jobs.”
Mr Pearson said it was important all MPs, the Opposition, Independent and Government members consider the interests of South Australia’s future when it comes to making a decision on how they vote in the Parliament on the SA Bank Tax.
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“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.