Marginal voters fear bank tax will be passed on, bankers’ survey finds
VOTERS in key marginal seats fear a state bank tax will be passed on to customers and many want it blocked in Parliament, according to a poll by a peak banking body.
VOTERS in key marginal seats fear a state bank tax will be passed on to customers and many want it blocked in Parliament, according to a poll by a peak banking body.
The Australian Bankers Association survey of 800 people was taken in eight key marginal seats late last week.
It was prompted by the State Government’s decision to impose a state-based version of a tax first levied on the nation’s biggest five banks by the Federal Government in May.
It comes as ANZ chief executive Shayne Elliott pens an open letter to SA customers today, arguing the tax is “unfair” and will “hurt the state”.
The ABA poll results show 31 per cent of people in the eight metropolitan marginal seats strongly opposed the tax and 16 per cent somewhat opposed it (total 47 per cent).
This compared with 16 per cent who strongly supported the measure and 22 per cent who somewhat supported it (total 38 per cent). Just more than half wanted the Opposition or minor parties to block the tax in Parliament.
Three-quarters of those polled, strongly or somewhat agreed that bank customers, shareholders or employees “will ultimately have to pay for” the tax because it would not be absorbed by the banks.
The eight seats polled are notionally Liberal under the recent redraw of electoral boundaries, done ahead of the March 2018 state election.
ABA chairman Andrew Thorburn said the state tax was “bad policy” and has “already raised concerns offshore about the attractiveness of investing” in SA.
The Liberal Party will meet today to decide whether to block the tax by supporting an amendment to be put to Parliament tomorrow by Australian Conservatives MPs.
When the tax was announced in the State Budget last month, Liberal Leader Steven Marshall said he opposed it but pledged it would pass as part of the Budget.
However, as concerns grew about the trickle-down effect on South Australians, he opened the possibility of blocking the Budget unless the tax was dropped.
Premier Jay Weatherill argues that the banks are grossly undertaxed.
Kouts bid for vote backdown
TREASURER Tom Koutsantonis has called for three critical crossbenchers to consider not voting on the controversial bank tax, saying their investments in banks may raise a conflict of interest.
Opposition Leader Steven Marshall and the Liberal party room will meet today to decide their position on the $370 million bank slug, and are considering voting against it in Parliament.
The two Australian Conservatives MPs, Dennis Hood and Rob Brokenshire, are leading the charge to axe the tax and have been backed by the Nick Xenophon Team’s John Darley.
If the Liberals join them, there will be enough votes against the tax to stop it becoming law.
The registrar of members’ interests reports the three MPs who have promised to vote against the tax have bank investments.
Upper House standing orders say: “No member shall be entitled to vote upon any question in which the member has a direct pecuniary interest not held in common with the rest of the subjects of the Crown.”
But it offers an exemption for matters “of state policy”.
— State Political Editor Daniel Wills