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House of Assembly - Fifty-Third Parliament, Second Session (53-2)
2017-08-02 Daily Xml
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State Major Bank Levy

Mr MARSHALL (Dunstan—Leader of the Opposition) (14:25): My question is to the Treasurer. Is the Treasurer concerned that the BankSA State Monitor report survey found that 71 per cent of businesses stated that they had not created any new jobs in the previous three months and that the same number of businesses have no plans to create any new jobs in the coming three months?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:25): The ABS stats show something very different. If you look at our job creation in the last two financial years, in the last financial year our job growth rate nearly tripled. In fact, our gross state product grew faster than the nation's.

It's interesting if you look at the results of the NAB survey taken directly after the budget—which the opposition claims weren't, but they were taken directly after the budget—and then you look at the BankSA survey, you get these two very divergent results. But of course the unfortunate politicising of the BankSA survey by Mr Nick Reade is disappointing. They are not borne out by the facts.

The facts are that last financial year our economy grew stronger than the nation's economy and that our employment growth rate was three times faster than it was in the previous financial year. State final demand is up, and state final demand is a measure of expenditure in the economy, and the largest contributor to that growth was private business investment. All the facts aren't borne out by the hysteria. Again, I point out to the house that the reason the banks are upset about this levy is because they can't pass it on. If they could pass it on, why would they be upset?

There was a very good article today in the Advertiser pointing out the number of times banks have increased mortgage rates without a single signal from the RBA—not once. But apparently, according to the opposition, that is good for the economy. When the banks make more profits, that's good for the economy. It's okay for people who are paying those higher mortgage rates, despite the RBA not increasing rates. But again, when the RBA doesn't increase rates and the banks do increase rates, they have a champion—and the champion is the member for Dunstan. He is the person who says, 'We need the banks to make more and more super profits.'

The SPEAKER: The Treasurer will return to the substance of the question.

The Hon. A. KOUTSANTONIS: I am, sir. I am talking about banks and bank profitability and the major bank levy.

The SPEAKER: No, you are talking about, perhaps a little bit too much, the Leader of the Opposition.

The Hon. A. KOUTSANTONIS: I will continue to maintain his irrelevance. What we are seeing from the banks is a campaign that is fundamentally dishonest. It is not being honest with the people of South Australia and, indeed, we have a bank that calls itself BankSA, whose major role now is to attack the South Australian economy, to attack South Australian businesses, and I find that very disappointing.

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