7 June 2017
Today’s weak economic growth figure highlights the need to maintain a strong banking industry, the Australian Bankers’ Association said today.
“While the economy grew by a soft 1.7 per cent over the year to the March quarter, the finance and insurance industry grew by a strong 4.0 per cent,” ABA Chief Executive Anna Bligh said.
“Also, the latest inflation figures show that the price of financial services has increased by less than overall inflation, and by much less than some essential items like child care, education, and health.”
Ms Bligh said in this environment the Federal Government’s new tax on major banks was contrary to the national interest.
“You don’t win the race by knobbling your fastest runners,” she said.
“And you can’t tax your way to prosperity. The Government needs to rethink this new tax.”
Over the three years ending June 2016, productivity of the finance and insurance industry has been on average 2.6 per cent per year, nearly four times higher than the overall market sector (on average, 0.7 per cent per year).
ENDS
Contact: Nic Frankham 0435 963 913 (Stephanie Arena is on leave)
Latest news
E&OERadio InterviewABC Illawarra22 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering; Scam prevention efforts by banks Melinda James: Well, this is a big and growing problem. There were 13,000 bank accounts shut down by the four major Australian banks in the financial year 2023–24. So, how big a problem… Read more »
Thank you for the opportunity to appear alongside our friends and colleagues at COBA today. The Cash Distribution Framework Bills are a critical step to provide security to the long-term availability of cash in Australia. Our written submission sets out our position in detail. Today I will focus on a few key points. The banking industry is committed to ensuring that Australians who… Read more »
E&OERadio Interview2SM Sydney21 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering Tim Webster: Look, we spoke to Peter Price from Crime Stoppers, the boss at Crime Stoppers, about this banking mules. I mean, this ridiculous situation where the young ones are coerced into being, you know, money mules and… Read more »