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
Latest news
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »