South Australia abandons bank tax

Australian Bankers' Association chief executive Anna Bligh issued a statement yesterday welcoming the backdown as “good news for the whole state”.

“Today is a real victory for the people of South Australia and in particular for those who operate businesses. The decision will provide them with a greater level of confidence and certainty, which is vital for business,” Ms Bligh said.

“Australian banks belong to all of us and they’re about growth and driving good economic outcomes; today’s decision will mean we can all get on with the job of making that happen.”