State Major Bank Levy

Mr MARSHALL (Dunstan—Leader of the Opposition) (14:28): My question is to the Treasurer. Why is the government ignoring the warnings of reputable and successful business leaders in South Australia, including Dr Tim Cooper—

The Hon. A. Koutsantonis interjecting:

Mr MARSHALL: —and Mr Rick Allert, that the state bank tax harms investment, harms jobs and harms South Australia's reputation—

The SPEAKER: The Treasurer is called to order.

Mr MARSHALL: —in global markets at the time our state can least afford it?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:29): I have to say—

Members interjecting:

The SPEAKER: The Treasurer will be seated. He hasn't uttered a word yet and already there is a barrage of interjections. I warn the member for Morialta for the second and final time, I call to order the member for Hammond and I call to order the Premier.

The Hon. A. KOUTSANTONIS: Well, sir, I will quote a Liberal back to him: the Hon. Scott Morrison, Treasurer of Australia. I will quote back another more prominent Liberal: the Prime Minister of this nation. I will quote federal member of the Liberal Party after federal member of the Liberal Party who says that this levy is good for the nation. If it's good for the nation, then it's good for the state, and we know there are other states that are looking at this.

Mr Speaker, I know the kerchief is probably obscuring your view of members to your left, but as soon as I get up the Leader of the Opposition, in his frustration at having no policies, just yells. He just yells. No other leader of the opposition—

The SPEAKER: The Treasurer will be seated. Tempting though it is, the Treasurer will not tell me how to do my job, and he is warned.

The Hon. A. KOUTSANTONIS: There are prominent Liberals across Australia who think that this major bank levy is a good idea; that is why they have endorsed the commonwealth's. Importantly, The Australia Institute today put out some alternative resources than those put out recently by the Australian Bankers Association, which are doing everything they can to try to stop this levy becoming a reality.

What they are really concerned about is protecting the super profits of the banks. They don't want other states to follow, they don't want other states to make the same levy, so they are fighting a rear-guard action. To their surprise and shock, they found a friend in the Leader of the Opposition. They probably still can't believe their luck today, that they found someone like Steven Marshall to back them.

The SPEAKER: The Treasurer is warned for the second and final time. He will not use the Christian name and surname of any member in question time or debate because it tends to disorderliness.

The Hon. A. KOUTSANTONIS: Yes, sir. Thank you, sir. The Leader of the Opposition, now being the shop steward for the banks in this nation, has come out in opposition to the principle that the commonwealth government has implemented in its budget, which is that, overwhelmingly, the commonwealth Treasury agrees that this nation has a sector of its economy that is undertaxed, and that is the banking sector. That is why they are the most profitable banks in the world. Because they are so profitable and not contributing back to our economy, it is only proper and fitting that we take one-third of 1 per cent of their $30 billion in super profits and invest it in hospitals, schools, roads, job creation. These are taxes that South Australians will not pay.

Members interjecting:

The Hon. A. KOUTSANTONIS: I also say that in those budget bills the Leader of the Opposition is attempting to block are payroll tax cuts to small business, are incentives to people to go out and buy an apartment, are tax surcharges to protect our own citizens when they are attempting to buy a house in their own suburbs. These measures are vitally important, and every government since the 1850s has had its budgets passed. Not once has a Legislative Council blocked a budget bill, and if the Leader of the Opposition wants to start the precedent with this government I say to the younger members of the parliament: do not let this interloper in your party. He doesn't really believe what you believe. He doesn't really stand for what you stand for. Do not let him do this to you.'

Mr PISONI: Point of order: I don't believe the minister is answering the substance of the question. He is actually debating.

The SPEAKER: Yes, I uphold the member for Unley's point of order. In the pause he has allowed me, I warn for the first time the members for Hartley, Mitchell and Stuart, and I warn for the second and final time the member for Chaffey.