Government Hypocrisy in Bank Tax Defence

July 03, 2017

Australian Conservatives MLC Robert Brokenshire calls out the hypocrisy of Jay Weatherill's attempts to defend his bank tax, saying he should be careful about throwing stones in a glass house.

 anz.jpeg“The Premier came out Wednesday morning defending his tax on banks by criticising

banks for closing some branches. What hypocrisy, this is a Premier that has overseen
the closure and downgrading of front-line government agencies, all the while saying we
all need to work smarter and more efficiently as we move into a more technological age.”

As well as criticising a lack of mandate, Brokenshire made it clear that it is everyday South Australians who will bear the burden of this tax stating that "It only takes a reading of the Bill to see the government has no provision to stop banks from finding a way to recoup the costs of the tax."

Indeed this is the case, with ANZ chief executive Shayne Elliott already admitting to having offloaded tens of millions of dollars worth of South Australian government bonds due to the heightened risk projection, further warning that "if other investors thought similarly, the cost of borrowing for South Australia would rise."

 

 

 

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