fbpx
Skip to main content
New Financial Assistance Hub

SA to face High Court challenge over bank tax

22 August 2017

Australia’s major banks have resolved to mount a challenge to the SA bank tax if it is legislated, the Australian Bankers’ Association announced today.

“The South Australian Government will face a High Court challenge if it introduces its proposed bank tax,” ABA Chief Executive Anna Bligh said.

“South Australia is a state that needs to create more jobs and encourage businesses to invest, not introduce new taxes,” she said.

Recent polls of more than 2000 voters and 400 business owners in South Australia showed widespread opposition to the tax and concern about its impact on jobs.

“Banks are campaigning against the tax because it is not in the interests of South Australians, and they are prepared to fight it in court,” Ms Bligh said.

“Other states will also face a Constitutional challenge in the High Court if they propose to single out banks for new taxes.

“There is no justification for new taxes on Australia’s major banks. Banks are already the nation’s largest taxpayers, contributing $14 billion in taxes last year.

“On top of that, banks paid $26 billion in dividends to shareholders and superannuation funds in 2016.

“That’s a benefit to almost every working Australian and new taxes on banks will erode this benefit,” she said.

ENDS

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

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Releases
A nationwide Digital ID is Australia’s first line of defence against cybercrime
1 December 2023

“The Australian Banking Association applauds action from the Government to legislate a voluntary Digital ID as the nation’s first line of defence against cybercrime,” ABA CEO Anna Bligh said. A Digital ID means Australian companies won’t need to store copies of your personal information, reducing the risk of data theft. It also means people can… Read more »

Read more
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