The major banks have resolved to pursue a High Court challenge if the South Australian Government’s proposed bank tax is legislated, the Australian Bankers’ Association (ABA) has announced.
ABA’s chief executive, Anna Bligh, said the state needed to create more jobs and encourage businesses to invest, and not introduce new taxes.
“Banks are campaigning against the tax because it is not in the interests of South Australians, and they are prepared to fight it in court,” Bligh said.
“Other states will also face a Constitutional challenge in the High Court if they propose to single out banks for new taxes.
“There is no justification for new taxes on Australia’s major banks. Banks are already the nation’s largest taxpayers, contributing $14 billion in taxes last year.”
Bligh noted that banks also paid $26 billion in dividends to shareholders and superannuation funds in 2016.
“That’s a benefit to almost every working Australian and new taxes on banks will erode this benefit,” she said.
