South Australia’s proposed bank tax won’t hurt investment in the state, acting Treasurer Peter Malinauskas says.
Mr Malinauskas has tried to head off a campaign against the levy by the banks by pointing to the latest CommSec State of the States report showing SA is now top-ranked for business investment.
“We are seeing daily ads from the big banks talking down South Australia, yet their own reports and surveys tell a very different story,” Mr Malinauskas said.
The report doesn’t make specific reference to the state-based levy and is a study of state and territory economic performances for the June quarter just ended.
The Labor government hopes to raise $370 million over four years from the ANZ, Westpac, Commonwealth, NAB and Macquarie banks under the proposed tax which is currently before parliament.
The opposition has vowed to block the tax – which is similar to the federal government’s bank levy – in the upper house with the support of key crossbenchers.
The banks have already raised the possibility of passing the cost onto SA customers if it goes ahead and warned it would hinder investment in SA.