Toxic Libs block SA bank levy

The oligarchs have spoken:

The South Australian Liberal opposition has decided to block the Weatherill government’s $370 bank tax.

The decison came after a party room meeting today, ahead of Opposition Leader Steven Marshall’s budget reply speech tomorrow.

“Jay Weatherill’s toxic new tax is a desperate move from a tired and arrogant government,” Mr Marshall said after the meeting.

“If it is introduced Jay Weatherill’s toxic new tax will be paid by South Australians who are already struggling with the highest unemployment in the nation, crushing electricity bills and Labor’s massive ESL tax.

“The Weatherill Labor Government’s latest tax grab will put a wrecking ball through the struggling South Australian economy by killing off jobs and investment.”

“The Liberal team has listened to South Australians who cannot afford to pay more Labor taxes and are crying out for new investment and job creation.”

The states should get band together urgently and apply a pro-rata levy right across the nation. The correct pricing for public support is 18bps on bank liabilities. Today it is 6bps. There are 12bps still going into private hands for profit at the public’s risk.

Get to it you cowards.

Houses and Holes
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  1. I am thinking of sending them MY terms and conditions to charge them my share of the levy.

  2. “highest unemployment in the nation”?

    If only Jay Weatherill put a tax on foreigners and not just the banks:

    $40/day for a bus ticket. $100/day for car parking. $10,000/year for studying in a SA school. 4% land tax. 200% rent tax.

    Foreigners cannot vote anyway.

    • sydboy007MEMBER

      the ones who got citizenship can vote. look at how the Indian media reported that Westpac not being willing to loan to Adani for the boondogle coalmine in QLD was racially based.

      You can bet in 10 to 15 years time one of the political parties, or a new one created by an open borders left group, will be courting the voters who want to bring the rest of the family over.

      I work with a lot of recent immigrants and it was hard to listen to them complain about how expensive it is to get an Australian visa. I kept thinking you still paid so you must have thought it was worth it.

      • So imagine charging them $40 a day for a train ticket! 😄😄😄

        I am not against the importation of foreign brides. But not every 457 visa worker (on illegal wages) has a relative here.

        And if we stop so many males from coming here in the first place, we automatically reduce the demand for foreign brides.

  3. “..The states should get band together urgently and apply a pro-rata levy right across the nation…”

    This is the key.

    This is really an issue of state self determination and fiscal independence.

    The advantage received by the 5 large private banks by having a perceived public guarantee derives from ALL Australians.

    We have a federal system of government and the constitution provides an important role for state governments and clear powers in relation to banking. Why shouldn’t a Bank Levy be distributed between the states?

    Everyone (except the banks) agrees that a Bank Levy is appropriate so that the large banks are not getting the support of the full faith and credit of the Australian public for free so it is not a large leap to the idea that the proceeds of the levy should be distributed to the people.

    Rather than create yet another source of revenue that is centralised and hogged by that soap opera in Canberra it makes much more sense that the proceeds of charging the major banks for a privilege that relies on the support of all Australians are distributed to / taxed by the state governments with only a fraction of the proceeds (an administration charge perhaps) remaining with the Federal Government.

    The imbalance between between tax (Canberra) and spend (states) in Australia is bad enough without making the situation worse with yet another source of revenue being directed to Canberra and left in their hot little paws to pump into pork projects.

    While the states governments continue to squabble over GST they should be able to reach a quick agreement to support a larger Bank Levy that is taxed by the states and is in proportion to each states share of national economic activity of some other measure that is appropriate.

    No tricky formulas that favour some states or are hard to explain.

    If the South Australians frame their Bank Levy as an exercise in revitalising federalism, poking Canberra clowns and state self determination and seek support from other state governments they will have an effective counter to the outrageous propaganda campaigns by the Australian Bankers and the individual banks who are trying to thump South Australia into submission with barely disguised threats.

    That the South Australian Liberal Party were stupid enough to fall for opinion polls run by the Australian Bankers Association and oppose a higher Bank Levy was breathtaking but then we don’t expect the ‘vision thing’ from some.

    The only way to get such a scheme up and running is for South Australia to impose its own levy directly and encourage the other states to do so as well. That will make it clear that this is a serious issue for the states.

    Once imposed and a fact of life there can be discussions about the most efficient way of administering the levy. If the states feel generous they might throw a few coins towards Mr Morrison for his services in that regard.

  4. adelaide_economistMEMBER

    Ah well you see there is only one main media source in SA and of course it’s Murdoch. We’ve been spammed relentlessly since budget night with sad bank workers probably on $40k pa wheeled out to defend the banking oligarchs. Pretty sick but these guys aren’t on top because they care about decency. Endless stories on how everyone in SA agrees the bank tax is awful. I admit it would help if say WA brought in a similar tax and gave us some cover here. For non SA readers, you can’t imagine how ineffective the local liberals are although being out of power since 2002 gives you an idea. Infighting and factionalism is usually more important than winning elections but oddly enough on the bank tax they have a steely resolve. Hmmm…

    • SA libs couldn’t organise a chook raffle. Totally agreed adelaide_economist. The entire state is saturated by Murdoch owned press.