Australia’s major banks have resolved to mount a legal challenge to the South Australian bank tax if it is legislated.
The Australian Bankers Association announced its intention via a press releasee.
Recent polls of more than 2000 voters and 400 business owners in South Australia showed widespread opposition to the tax and concern about its impact on jobs.
Prepared to Fight
«The South Australian Government will face a High Court challenge if it introduces its proposed bank tax,» said ABA Chief Executive Anna Bligh.
«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,» added Bligh.
Unhappy CEO's
finews.asia reported earlier this year when news of the potential tax charge was unveiled by the South Australian government. At the time the chief executives of the country's largest banks wasted no time in venting their feelings.
ANZ Chief Executive Officer Shayne Elliott said «This deeply concerning tax will likely impact business investment in South Australia at a time when its economy is struggling with low growth, low business confidence and high unemployment.»
He was quickly followed by an NAB spokesman calling the tax «poor policy without logic», and Westpac who called the tax a «disgrace.»
