fbpx
Skip to main content
New Financial Assistance Hub

Growing concern highlights flaws of SA major bank tax

27 June 2017

Sydney, 26 June 2017: The almost universal chorus of concern at the South Australian Government’s proposal for a major bank tax reinforces its fundamental flaws, the Australian Bankers’ Association said today.

“The reaction from big business, small business, most media outlets and commentators and many politicians has been swift in condemning the proposed tax,” ABA Executive Director – Industry Policy Tony Pearson said.

“The strong consensus is that this will be negative for investment, growth and jobs in South Australia. The state needs incentives to attract business, not new taxes that will discourage businesses from investing in new projects and employing people.

“There is no policy rationale for this proposed tax for South Australia. All Australian banks – large and small – oppose it,” Mr Pearson said.

“The South Australian Treasurer said last week that banks are under taxed, yet the banking industry is the biggest corporate taxpayer in the country.”

Mr Pearson said other states would be misguided to follow South Australia’s lead in introducing a tax on banks.

“This should not set a precedent for other states. It is a classic case of poor economic management.

“We call on every Premier and First Minister to confirm they will not follow this poor policy precedent and instead will continue to foster investment, growth and jobs in their state or territory.”

ENDS

Contact: Stephanie Arena 0477 470 677

@austbankers

bankers.asn.au

Latest news

1 / 3
Transcript
Press conference: Scam-Safe Accord launch 
24 November 2023

Australian Banking Association CEO Anna Bligh:   Today Australia’s banking system is coming together to launch the most comprehensive set of new anti-scam reforms.   With a level of unprecedented cooperation, banks, commercial banks, building societies, credit unions, and mutual banks have joined together to commit to a set of anti-scam reforms to keep Australians and their… Read more »

Read more
Media Releases
Banks unite to declare war on scammers  
24 November 2023

Australian banks have joined forces to launch a new Scam-Safe Accord to deliver a higher standard of protection for customers and put scammers out of business in Australia.   This Accord, between Australia’s community owned banks, building societies, credit unions and commercial banks is a comprehensive set of anti-scam measures across the entire industry.  “This Scam-Safe… Read more »

Read more
Media Releases
Banks step up to fund financial counselling services  
21 November 2023

Banks will contribute $19 million over three years to the Government’s voluntary financial counselling model announced today by Minister for Social Services, Amanda Rishworth.   “Banks large and small are proud to be funding the lions share of this initiative.” said ABA CEO Anna Bligh.   This funding will help increase the availability of free, independent counselling… Read more »

Read more