More support to stop the South Australian bank tax

Adelaide, 3 July 2017: A new Galaxy poll of key South Australian marginal seats shows South Australians believe the proposed bank tax will hurt the state and want the tax blocked in the Parliament.

Since the South Australian bank tax was announced by the Government, many have spoken out and opposed it, including banks, business groups and business owners. Now the people of South Australia have voiced their concerns.

The Advertiser and the Sunday Mail published a state-wide Galaxy poll this weekend that reveals the majority of South Australians oppose the tax^[1]. The Australian Bankers’ Association has now commissioned Galaxy to conduct a poll of eight key marginal seats in South Australia^[2].

The latest poll revealed 96 per cent of people in the key marginal seats want their government focused on growth, investment and job creation.

The Chairman of the ABA and CEO of National Australia Bank, Mr Andrew Thorburn, said: “This unprecedented state tax will hurt investment, competitiveness and business confidence in South Australia and will be an additional cost to the economy at a time when South Australia can least afford it.

“This proposed bank tax is bad policy – it is bad for bank customers, shareholders and employees and bad for business, investment, jobs and growth in South Australia. It has already raised concerns offshore about the attractiveness of investing in South Australia.”

The Deputy Chairman of the ABA and CEO of Bendigo and Adelaide Bank, Mr Mike Hirst, said: “Even though the South Australian tax doesn’t apply to regional banks, the imposition of the tax is difficult to justify given state governments have no role to play in competition or bank policy.

“Banks play a major role in economies by providing the credit and other infrastructure required to drive economic growth and underpin investment – which is critical for South Australia.”

This poll showed that South Australians are reacting very differently to this proposed South Australia bank tax compared to the federal bank levy that was announced in May.

Based on people in these key marginal seats, nearly 80 per cent believe this proposed bank tax is a tax on everyone, and simply absorbing a tax is unrealistic. Additionally, the majority want the tax blocked in the Parliament.

The proposed bank tax will impact all South Australians – whether you’re a bank customer, shareholder or employee, or you’re a business owner, or you’re young and looking for your first job, or you’re retired and relying on your share dividends or superannuation returns.

“South Australia needs to promote strong policies to attract investment, drive growth and create jobs in the state, not a tax that will put a handbrake on all three,” Mr Thorburn said.

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

@austbankers

bankers.asn.au

¹55 percent of South Australians oppose the bank tax. Premier Jay Weatherill faces shock backlash over state bank tax, as Sunday Mail-Galaxy shows majority of SA rejects new $370m levy. The Advertiser. 1 July 2017.²The Galaxy poll for the ABA was conducted late last week and surveyed 800 voters in the marginal seats of Elder, Dunstan, Colton, Gibson, Mawson, Black, Adelaide and Hartley.