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Ben Wyatt has not completely ruled out a state bank tax. Photo: Attila Csaszar

Wyatt still open to bank tax despite SA move

Treasurer Ben Wyatt has kept open the possibility of a bank tax in Western Australia, after South Australian Premier Jay Weatherill today quietly dropped his state’s planned tax on the five biggest financial institutions.

Mr Wyatt had said in his September budget speech that the government would be open to a state-based bank levy in the absence of genuine GST reform.

A previous state banking levy had been abolished in 2000 as part of the tax reform package at the time of the introduction of the GST, he said, and would have raised about $300 million in the 2018 financial year if it were still in operation.

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Total Shareholder Return as at 30/09/16

1 year TSR5 year TSR
141stCIMIC Group70%16%
314thAmcor19%24%
366thANZ Banking Group9%14%
477thQantas-9%19%
726 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

8th↓ANZ Banking Group$21,071.0m
9th-Qantas$16,200.0m
12th-CIMIC Group$13,325.4m
13th↓Amcor$12,811.1m
76 listed non wa companies ranked by revenue.
Source: Morningstar

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