South Australia’s new banking tax an ‘outrageous cash grab’
A new tax on five Australian banks, proposed by the South Australian Government, is an “outrageous cash grab” without policy substance, according to the Australian Bankers’ Association chief executive, Anna Bligh.
She stressed that states were not responsible for banking policy so there was absolutely no policy reason for this announcement, other than a need for the South Australian Government to raise revenue.
“Let me be clear – it is not the job of banks to prop up government budget shortfalls,” she said.
“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.”
Bligh also said the banks impacted by this proposal were paying full corporate tax and the Federal Government had just passed a new bank tax and the South Australian Government was trying to impose a third state tax.
“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.”
AUTHOR
Oksana Patron
Recommended for you
Two ETF fund managers have opted to switch away from Cboe and onto the ASX in search of better broker connectivity.
The former CEO and co-founder of Zenith Investment Partners has switched sides and moved in-house to take up an executive role at a listed fund manager.
The “experiment” away from vertical integration has been a mistake, according to Clime’s Michael Baragwanath, and Clime is positioning to benefit via advice and fund manager acquisitions.
JP Morgan Asset Management has identified Australia as an “emerging growth market” as it seeks to double its assets under management in the Asia-Pacific region in the next five years.
