Wednesday, 6 September 2017
In another blow to the Weatherill Government’s plans to introduce a state bank tax the newly elected Labor Government in Western Australia has ruled out imposing a similar tax in that state.
Western Australia Treasurer Ben Wyatt: ‘… you don’t rush into new revenue measures without having an understanding of the broader economic consequences. I will continue to watch South Australia, and the impact on their borrowing costs and investment.’ (The Australian online 5/9/17)
“The WA Treasurer has hit the nail on the head with his critique of the detrimental impacts this foolish tax will have on jobs and investment in South Australia,” said Shadow Treasurer Rob Lucas.
“With WA ruling out a state bank tax Treasurer Tom Koutsantonis has been left high and dry by every Treasurer in the country.”
This comes despite the Treasurer initially boasting that other states would follow in South Australia’s wake.
‘Obviously I’ve fielded a lot of phone calls from a lot of Treasurers wanting to know about this levy, how it operates. I’m sure they’re seeking their own advice from their own treasuries about this.’ (Channel 10 News 22/8/17)
“There’s a very good reason every other state Treasurer has opted against imposing a state bank tax – it costs investment and jobs wherever it is imposed.
“South Australia already has the highest trend unemployment rate in the country and simply can’t afford further job losses as a result of this desperate tax grab.
“Consumer and business confidence in South Australia is incredibly fragile as a result of high unemployment, sky high electricity bills and Labor’s ESL tax grab.
“It is little wonder 65 per cent of small and medium-sized businesses in South Australia are against the new $370 million state bank tax.”
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