Small businesses overwhelmingly reject proposed bank tax
Inside Small Business
August 7, 2017
Small business to be squeezed by tax reform
The vast majority of South Australian small-business owners oppose the State Government’s proposed tax on banks believing it will damage competitiveness, consumer confidence and the State’s economy, according to a new Galaxy* survey.
Among the 400 small-business owners and managers surveyed in the past fortnight, 65 per cent oppose the bank tax. Only 22 per cent support it. Of greatest concern, more than 80 per cent believe the tax will make South Australia less competitive and around 70 per cent believe it will negatively impact the economy.
Australian Bankers’ Association CEO, Anna Bligh, said the results reflected the small-business community’s outright rejection of the Weatherill Government’s proposed bank tax.
“The results are clear, South Australian small businesses oppose the proposed bank tax. Economic conditions in South Australia are tough enough. The last thing businesses want is a new tax that they believe will make doing business in their State much harder than it already is.
“South Australia needs economic policies that are going to stimulate growth and support small businesses, not bad policies that will leave South Australia lagging behind other states,” Ms Bligh said.
The poll revealed just how tough business conditions are in South Australia right now:
Eight in ten people believe the South Australian economy is in bad shape.
Two thirds of small businesses said the SA economy has been a barrier to growing their business. Six in ten say the same about Government taxes.
Just under three quarters of those polled believe employment prospects are bad.
Almost seven in ten expressed concern that the Treasurer’s refusal to rule out imposing ad hoc taxes on other parts of the economy would be bad for business sentiment.
This latest polling comes off the back of the BankSA State Monitor that found a significant drop in business confidence, business optimism and South Australian pride.
*Galaxy Research is an Australian-owned independent company