2 October 2017
The Australian Bankers’ Association has responded to reports in the West Australian today that the WA Government would look at a bank levy to make up for unequal GST allocation.
“It is disappointing that the Western Australian Government is considering targeting one industry in its attempt to restore the state Budget,” ABA Chief Executive Anna Bligh said.
“Bank customers and shareholders should not be held to ransom in political brinkmanship between WA and Canberra,” she said.
“As the ABA outlined in our submission to the Productivity Commission GST review, there are some unintended outcomes from the current system for allocating GST.
“WA is rightly questioning how they only receive a GST share of less than 35 cents in the dollar,” Ms Bligh said.
“But a new tax on banks is not the answer. It is short-term political thinking that will cause long-term economic damage.
“Banks are already the largest corporate taxpayers in the country and contribute significantly to the WA Budget through payroll tax,” she said.
“Banks drive economic activity in WA through loans to individuals and small businesses.
“WA needs to grow its economy and create jobs, not introduce new taxes,” Ms Bligh said.
Contact: Stephanie Arena 0477 470 677
Australia’s banks supported their customers as the country entered the COVID-19 pandemic and they continue to support them on the way out. As the initial wave of 6-month loan payment deferrals come to an end, banks have begun to contact customers for their 6-month assessment and to discuss the next stage of support and assistance. … Read more »
Helping businesses to remain viable and keeping people in their homes is good for everyone.
“These figures show there are some green shoots emerging in our economy and that’s a positive sign.” – ABA CEO Anna Bligh