Ahead of this evening’s vote in the South Australian Parliament, the Australian Chamber of Commerce and Industry, Australia’s largest and most representative business organisation, joins with Business SA in warning that South Australia’s proposed bank tax would undermine efforts to reduce and remove inefficient state-based taxes.
Australian Chamber of Commerce and Industry Chief Economist Adam Carr said:
“We should be eliminating inefficient and damaging state taxes, not introducing new ones. The South Australian bank tax would take South Australia in the wrong direction.
“The states are already responsible for some of Australia’s most inefficient and damaging taxes.
“Introducing a tax that will put South Australian small and medium-sized businesses at a disadvantage compared to the rest of the nation will act as a brake on the South Australian economy. It could risk jobs.”