The Australian is reporting that:
The nation’s major banks are poised to launch a multi-million-dollar advertising campaign to try to kill the $370 million South Australian bank levy, as ANZ Bank said it had lightened its load of SA government bonds because of the state’s higher risk profile.
The four big banks and their lobby group, the Australian Bankers Association, met in Sydney last night to consider a campaign modelled on the mining industry’s assault on the Rudd government’s super-profits tax in 2010.
While the giant resources companies spent $22m on their national campaign, the outlay for the banks would be much less — some $8m-$10m — because it would be overwhelmingly focused on SA.
The expenditure is local but the issue has the potential to go national, with the banks desperate to stop a levy “contagion”.
…“It’s going to be much bigger, much broader and across all media,” he said. “A lot of the campaign’s direction has already been agreed; it now comes down to how best to execute it.”
ANZ chief executive Shayne Elliott said on SA radio yesterday that the bank had sold tens of millions of dollars in SA bonds in the week since the levy was announced, and was considering selling more of its $2 billion holding. “If other people do that … that means the cost of borrowing for South Australia will go up.”
Good luck with that. What I’m wondering about over the past few days is where has Fake Premier Bligh gone? Have the banks realised that using a former Labor Premier to launch a private sector coup at an incumbent Labor state premier looks something like corruption?
