fbpx
Skip to main content
New 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
ABA backs national awareness campaign on elder abuse
22 July 2024

The Australian Banking Association (ABA) welcomes the Federal Government’s upcoming campaign to further educate the community about elder abuse.   ABA CEO Anna Bligh said this was a timely opportunity to further raise awareness and shine the spotlight on financial elder abuse.   “Australian banks are deeply conscious of financial elder abuse. They see it playing out every day and have… Read more »

Read more
Current Technical Outage
19 July 2024

Major disruptions to payments systems as a result of the CrowdStrike outage have not occurred and are not anticipated. Impacts on banks and payments systems have been relatively minor, with any disruptions having already been remedied or in the process of being gradually restored. Banks will continue to monitor for any further impacts to services…. Read more »

Read more
Transcript
Anna Bligh interview on ABC Brisbane about financial abuse 
19 July 2024

Steve Austin: Do consider this scenario, a relative or a friend caring for an older person decides to dip into that person’s accounts to pay for their own holidays or home renovations. And the banking institution can see the money going out of one account into another account. And they want to flag it with the… Read more »

Read more