ABA questions WA Government tax option

The Western Australian Government should look beyond banking and target more than one industry if it needs to introduce a tax levy to make up for unequal goods and services tax (GST) allocation, according to the Australian Bankers’ Association (ABA).

ABA chief executive Anna Bligh responded to reports of the possible bank levy, and said the industry should not be the sole target for sourcing funds.

“Bank customers and shareholders should not be held to ransom in political brinkmanship between WA and Canberra,” she said.

Related News:

“It is disappointing that the Western Australian Government is considering targeting one industry in its attempt to restore the state Budget.

“A new tax on banks is not the answer. It is short-term political thinking that will cause long-term economic damage.”

The ABA previously outlined potential unintended and negative outcomes from the current GST allocation system in a submission to the Productivity Commission (PC).




Related Content

ANZ CEO next ABA chair

The Australian Bankers’ Association (ABA) has nominated ANZ chief executive, Shayne Elliott as chair at its annual general meeting (AGM) in early De...more

Banks on track with six reform initiatives

Banks have already introduced three of six planned reform initiatives including greater crackdowns on whistleblowing, which is positive progression on...more

Extend the BEAR to all financial services says CHOICE

Consumer group Choice and the Consumer Action Law Centre (CALC) want the Bank Executive Accountability Regime (BEAR) extended beyond the banking centr...more

Author

Comments

Add new comment