JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

Written on the 23 June 2017 by Jennifer Westacott, Business Council Chief Executive

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION" South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and spending under control. 

The confused rationales for the tax are risible, and the knee-jerk approach to whacking job-creating businesses with ever higher taxes demonstrates how bereft we are becoming of good leadership.

The great shame is that, by imposing another 'one-off' burden on employers, this tax will make us an even less attractive place to invest and hire people.

South Australia faces 6.9 per cent unemployment the highest in the country and persistently weak economic growth that has lagged the national average for seven years now.

If global businesses are reluctant to invest in Australia, what are the odds they'll invest in South Australia?

It beggars belief that instead of supporting policies that will increase the investment needed to create jobs, such as a globally competitive company tax rate, the South Australian government is doing the opposite.

It is galling that a state government that is not prepared to make tough decisions to strengthen its own economy should impose a tax that will harm the investment environment across the entire country.

The Turnbull government must bear responsibility for letting the genie out of the bottle.

All of these 'one-off' government decisions, when taken together, have a chilling effect on business investment which is at its lowest level as a share of GDP since June 1994.

Australia is becoming a laughing stock of global investment circles as erratic governments state, territory and federal carelessly undermine and chop and change the rules of doing business.

Never miss a story: Sign up to Business News Australia's free news updates

Follow us on Twitter, Facebook, LinkedIn and Instagram

Author: Jennifer Westacott, Business Council Chief Executive

Latest News

ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

EMBATTLED online sport clothing retailer Surfstitch (ASX: SRF) is looking at selling some of its assets as it faces c...

CROC INDUSTRY WORTH MORE THAN $100M TO AUSTRALIAN ECONOMY

CROCODILE farming is big business in Australia's top end, with the industry contributing over $100 million to ...

HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

IN his first year of business as a 26-year-old, he built 18 homes which delivered a turnover of just under $4 million...

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neigh...

Related News

ASSET SALES ON THE CARDS FOR E-TAILER SURFSTITCH AS LEGAL COSTS LOOM

EMBATTLED online sport clothing retailer Surfstitch (ASX: SRF) is looking at selling some of its assets as it faces c...

CROC INDUSTRY WORTH MORE THAN $100M TO AUSTRALIAN ECONOMY

CROCODILE farming is big business in Australia's top end, with the industry contributing over $100 million to ...

HOW A YOUNG ENTREPRENEUR 'FELL' INTO A BUSINESS THAT TURNS OVER $50M A YEAR

IN his first year of business as a 26-year-old, he built 18 homes which delivered a turnover of just under $4 million...

SKYCITY INJECTS $330 MILLION INTO FESTIVAL PLAZA REDEVELOPMENT

THE long-neglected and much maligned Festival Plaza in Adelaide has received a hero in the form of long-time neigh...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter