SA Bank Tax Puts Substantial Future Investment in SA at Risk

June 28, 2017

The Australian Conservatives has met with the most senior people in some of Australia’s largest banks and has been told that this unnecessary tax has put substantial future investment in SA in doubt.

atm.jpgAustralian Conservatives MLC Dennis Hood says the Weatherill Government is playing Russian roulette with the Bank Levy and needs to seek a mandate from the South Australian people before it puts jobs and the economy at further risk of decline.

Speaking to the Advertiser today, Robert Brokenshire MLC said “the legislation did not prevent banks from indirectly passing on the cost of the tax under another guise. The way this (legislation) is drafted it gives every opportunity for the banks to recover this indirectly from customers. If they (Government) were serious about protecting customers ... they also would have had penalties to enforce that.”

The Australian Conservatives will continue to fight to get this blocked in the Upper House. We call on the Weatherill Government to shelve this triple tax on the banks and to at least take it to the next election to get a mandate from the public if they want to proceed.

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