Skip to main content
Financial Assistance Hub

South Australia triple dipping on tax for major banks

23 June 2017

Sydney, 22 June 2017: A new proposed tax on five Australian banks by the South Australian Government is an outrageous cash grab without policy substance, the Australian Bankers’ Association Chief Executive Anna Bligh said today.

“States are not responsible for banking policy. There is absolutely no policy reason for this announcement, other than a need for the South Australian Government to raise revenue in a desperate political move,” Ms Bligh said.

“Let me be clear – it is not the job of banks to prop up government budget shortfalls.

“South Australia is a state that needs economic confidence – at 6.9 per cent it has the highest unemployment rate nationally. Today’s announcement is the worst possible signal to the business community in South Australia and will make South Australia less competitive, potentially driving jobs to other states,” she said.

“This announcement is staggering for a group of Australian banks that are already among the highest corporate tax payers.

“These are banks that provide jobs for South Australians, lend to South Australian businesses and help South Australians into their homes.

“Tax policy in Australia is now becoming a joke at the whim of political opportunism and South Australia is trying to impose triple dipping for bank taxation,” Ms Bligh said.

“The banks impacted by this proposal pay full corporate tax, the Federal Government has just passed a new bank tax and now the South Australian Government is trying to impose a third state tax.

“The impacted banks call on every Australian Premier and First Minister to rule out a similar tax.

“Furthermore, when the GST was introduced, a range of state taxes were eliminated, including some state taxes relating to financial institutions. Today’s announcement is a step back in time.”

ENDS

Contact: Stephanie Arena 0477 470 677 or Rachel McCormack 0423 407 189 (Nic Frankham is on leave)

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Releases
SIMON BIRMINGHAM APPOINTED AS ABA CEO
20 June 2025

Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. ABA Chair and National Australia Bank CEO Andrew Irvine today announced Mr Birmingham’s appointment, replacing retiring CEO, The Hon. Anna Bligh AC. “We are delighted to have Simon lead our industry and help ensure… Read more »

Read more
Transcript
Anna Bligh interview on ABC Radio Darwin
18 June 2025

Rick Hind: Anna Bligh is the CEO of the Australian Banking Association. Welcome back to 105.7 ABC Radio Darwin. Anna Bligh: Good morning, great to be with you. Rick Hind: Is it getting easier to scam people out of money from their bank accounts? Given how good technology is, the scammers seem to have as… Read more »

Read more
Media Releases
EOFY is prime time for scammers
16 June 2025

With end of financial year nearly here, the ABA is reminding customers to be on high alert for scammers looking to steal your hard-earned money. Common EOFY scams to be on the lookout for: ABA CEO Anna Bligh said with the end of financial year approaching, scammers are lining up and looking to cash in…. Read more »

Read more