National Australia Bank

The Hon. J.M. RANKINE (Wright) (14:33): My question is to the Treasurer. Treasurer, do you expect any impact on South Australia from the announcement today by the National Australia Bank?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:33): I thank the member for her interest in this matter. Yes, indeed, I do expect there to be impacts in South Australia from the National Australia Bank's announcement today. The NAB today announced cash earnings of $6.642 billion for the 2017 financial year, up 2½ per cent on the year before. In a staggering move, the NAB went on to say it intended to sack 6,000 workers. The more money they make, the more people they sack.

The bank has not detailed exactly where the job cut axe will fall, but it is highly likely that a significant number of employees in South Australia will be among the casualties. My thoughts and the government's thoughts go out to the workers in the financial institutions today—in the NAB—who heard the news, after seeing their company make a record profit, that 6,000 of them are going to lose their jobs. Understandably, where profits rather than people are the driving force, the bank is proud of their results.

The Hon. T.R. Kenyon interjecting:

The SPEAKER: The member for Newland I call to order.

The Hon. A. KOUTSANTONIS: It paid $582 million in performance-based compensation to its staff in the financial year 2017. Payments to individual executives and directors will be published later in the bank's annual report, but I remind the house that the NAB senior executives were paid just over $35 million in their 2016 financial year, including $6.7 million to their chief executive, Mr Andrew Thorburn, alone. A further $3.7 million was paid to non-executive directors that year.

We support success, we welcome profitability and we endorse increased economic activity and job creation, but this government also champions fairness. We do not agree with businesses paying executives extraordinary salaries at the same time they make record profits, cut jobs and place extreme pressure on their customers and families just before Christmas. Our support goes particularly to the small businesses, which are the engine room of job creation as shown, for example, by our Job Accelerator Grants, where 4,915 employees have registered the creation of 14,210 new jobs. We want to help small business by cutting payroll tax and giving them a little bit of extra—

Mr KNOLL: Point of order: the minister is now straying into discussing a bill that is currently before the house. He is just about to talk about payroll tax.

The SPEAKER: The Treasurer should not be discussing the merits of the payroll tax alteration. It would be good if he could skirt around it.

The Hon. A. KOUTSANTONIS: Yes, sir.

Ms Cook interjecting:

The SPEAKER: I call to order the member for Fisher. This is not a revivalist meeting: she does not need to echo the Treasurer.

The Hon. A. KOUTSANTONIS: It is clear that the big banks such as the NAB are in no need of any assistance while they are delivering themselves super profits. If the banks have stopped creating jobs, they should put a small fraction of their super profits towards other businesses that want to create jobs. The Liberal Party should know better and they should be ashamed of themselves for supporting such an organisation.

The SPEAKER: I call the member for Unley, but I also say to the member for Unley that he seemed to take objection to my last warning to him and indicate that that warning should have been applied to the leader. Unfortunately, if it is, the leader will be leaving us.

Mr PISONI: I did not say any such thing, sir.

The SPEAKER: So it is the member for Unley's choice.

Mr PISONI: I did not say any such thing, sir. Do I have the call?

The SPEAKER: You have the call.