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
The alternative investment manager has signalled its intentions to repackage an existing fund into a second private equity vehicle, targeting both listed and unlisted opportunities.
The acquisition of Mason Stevens by Adamantem Capital has reached completion, as the wealth platform looks to increase investment into its services for Australian wealth practices.
Platinum Asset Management and VanEck have both announced name changes to multiple of their ETFs to clarify their complexity.
Active ETFs are gaining traction in Asia-Pacific as wealth managers seek to blend the low-cost fees of passive with active management.
