BUSINESS AND POLITICS – SOUTH AUSTRALIA

Weatherill’s tax grab to sting local bank

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Original article by Michael Owen
The Australian – Page: 2 : 7-Nov-17

BankSA CEO Nick Reade contends the Weatherill government’s proposed bank levy will have a much greater impact on it than the government has claimed. He says the South Australian government has suggested the levy might only push up its company tax rate by as little as 0.1 per cent, but Reade says it will increase it by around three per cent. Meanwhile, the Weatherill government remains determined that the tax should go ahead, with Treasurer Tom Koutsantonis saying on 6 November there was "no chance at all" that it would change its mind.

CORPORATES
BANK OF SOUTH AUSTRALIA LIMITED,SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE,SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET

ANZ to take lead in state levy fight

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Original article by Michael Roddan
The Australian – Page: 21 : 29-Jun-17

ANZ Bank CEO Shayne Elliott says the South Australian Government’s bank levy is "unfair", as it will apply to bank customers in other states. He warns that the will adversely affect the state’s economy, when the government should be pursuing policies that encourage investment in SA. Elliott held talks with Premier Jay Weatherill and Treasurer Tom Koutsantonis on 28 June. Elliott also says the Federal Government’s bank levy is "wrong".

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SOUTH AUSTRALIA. DEPT OF THE PREMIER AND CABINET, SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE

Xenophon’s revolt over SA bank tax

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Original article by Simon Evans, James Frost
The Australian Financial Review – Page: 1 & 6 : 27-Jun-17

The Australian Bankers’ Association has indicated that all of its member banks oppose the South Australian Government’s bank levy. They intend to campaign against the tax by targeting marginal seats. Meanwhile, Senator Nick Xenophon says the levy could deter investment in SA at a time when action is needed to bolster the state’s economy. Xenophon and federal Treasurer Scott Morrison argue that there is no need to impose a state levy on banks, noting that the federal levy reflects the Australian Government’s implicit guarantee on bank deposits.

CORPORATES
AUSTRALIAN BANKERS’ ASSOCIATION, NICK XENOPHON TEAM, AUSTRALIA. DEPT OF THE TREASURY, SA BEST, GM HOLDEN LIMITED, ME BANK, LIBERAL PARTY OF SOUTH AUSTRALIA, AUSTRALIAN LABOR ADVISORY COUNCIL, AUSTRALIAN CONSERVATIVES, SOUTH AUSTRALIA. DEPT OF TREASURY AND FINANCE, PEOPLE’S CHOICE CREDIT UNION