IPA: SA Bank Levy Economic Vandalism

IPA: SA Bank Levy Economic Vandalism

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“A South Australian Bank levy is an outrageous act of economic vandalism,” said RMIT Professor Sinclair Davidson, Senior Fellow at free market think tank the Institute of Public Affairs.

“This is precisely the sort of state-based nuisance tax that the GST was brought in to eliminate. It is very disappointing that politicians are reneging on the tax deal that the Howard government negotiated with the Australian people when the GST was introduced.”

“It is very difficult for the Federal Government to hold the South Australian Government to account when they themselves are taxing the banks in precisely the same way.”

“Proposed changes by the Weatherill Government are illiberal and exemplify bad policy process; just like the Turnbull Government’s bank tax, it will be paid for by everyone; ultimately through lower wages, higher prices, and lower stock market returns. This sort of financial distortion will reduce economic growth,” said Professor Davidson.

For media and comment: Evan Mulholland, Media and Communications Manager, on 0405 140 780, or at [email protected]

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