Liberals vow to destroy “toxic” bank levy

Calls by the South Australian opposition to halt the proposed tax have been backed up by the Australian Bankers’ Association

Liberals vow to destroy “toxic” bank levy



The South Australian State Liberals have promised to block Labor’s controversial state bank tax, which they call “job destroying”.

“Jay Weatherill’s toxic new tax is a desperate move from a tired and arrogant government,” State Liberal leader Steven Marshall said.

“If it is introduced Jay Weatherill’s toxic new tax will be paid by South Australians who are already struggling with the highest unemployment in the nation, crushing electricity bills and Labor’s massive ESL tax.”

Slamming the proposal as a “tax grab,” Marshall said the move would “put a wrecking ball through the struggling South Australian economy by killing off jobs and investment”.

“The Liberal Team has listened to South Australians who cannot afford to pay more Labor taxes and are crying out for new investment and job creation,” he said.

“We will take decisive action to protect South Australians from the Weatherill Labor wrecking ball by voting against this new tax.”

The Australian Banker’s Association (ABA) welcomed the decision, saying it was “sensible” and “in the interests of all South Australians”.

“The growing outcry from South Australians about this tax shows they understand it would have a serious impact on ordinary households and the cost of doing business in their state,” said ABA executive director Tony Pearson.

“The SA bank tax is bad policy. It is bad for bank customers, shareholders and employees. It is bad for business, investment, jobs and growth in South Australia. And it will impact on all Australians as it affects offshore investor confidence and appetite to invest in our nation.”

Pearson said the tax would also place the state at a competitive disadvantage to the rest of Australia at a time when new economic policies were needed to bring investment, growth and jobs to the state.

“The banking industry wants to work with South Australians to grow their business, which will deliver greatly needed new investment, create new business opportunities and deliver new jobs.”

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