27 June 2017
Sydney, 26 June 2017: The almost universal chorus of concern at the South Australian Government’s proposal for a major bank tax reinforces its fundamental flaws, the Australian Bankers’ Association said today.
“The reaction from big business, small business, most media outlets and commentators and many politicians has been swift in condemning the proposed tax,” ABA Executive Director – Industry Policy Tony Pearson said.
“The strong consensus is that this will be negative for investment, growth and jobs in South Australia. The state needs incentives to attract business, not new taxes that will discourage businesses from investing in new projects and employing people.
“There is no policy rationale for this proposed tax for South Australia. All Australian banks – large and small – oppose it,” Mr Pearson said.
“The South Australian Treasurer said last week that banks are under taxed, yet the banking industry is the biggest corporate taxpayer in the country.”
Mr Pearson said other states would be misguided to follow South Australia’s lead in introducing a tax on banks.
“This should not set a precedent for other states. It is a classic case of poor economic management.
“We call on every Premier and First Minister to confirm they will not follow this poor policy precedent and instead will continue to foster investment, growth and jobs in their state or territory.”
ENDS
Contact: Stephanie Arena 0477 470 677
Latest news
Banks stand ready to support customers in western Queensland and parts of New South Wales affected by heavy rainfall and flooding. ABA CEO Anna Bligh said customers don’t have to tough it out on their own and banks have a range of practical measures to assist those facing financial stress. “This is a challenging time… Read more »
The Australian Banking Association (ABA) welcomes the release of the 2025-26 Federal Budget that maintains confidence in our financial system. The ABA welcomes initiatives to: “This Budget provides extra support to Australians in the short-term whilst at the same time helping to address some of our longer-term challenges,” Ms Bligh said. “There are modest measures… Read more »
Banks are continuing to play their part in the fight against scammers, as the ABA welcomes a new report showing scam losses fell by almost 26 per cent last year. The ABA acknowledges the release of the 2024 Targeting Scams Report by the National Anti-Scam Centre showing combined reported scam losses fell by $700 million… Read more »