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House of Assembly - Fifty-Third Parliament, Second Session (53-2)
2017-08-09 Daily Xml
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State Major Bank Levy

Mr PICTON (Kaurna) (14:45): Multitalented. My question is to the Treasurer. Is the Treasurer aware of any announcements by major banks that may be of interest to the house?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:45): Indeed I am, sir. Today, I am aware of a significant announcement by the Commonwealth Bank that it has delivered a full year net profit after tax of $9.928 billion. I am also aware that bank chairman, Catherine Livingstone, has expressed concern about the bank's reputation, and chief executive, Ian Narev, has admitted the public does not hold banks in high regard. Obviously, they haven't told members opposite.

If banks are generally concerned about their reputation, then they would honourably stand up and agree to pay their fair share of tax, so that we as a state can create more jobs. To be clear, the major bank levy is not targeting banks—

Ms CHAPMAN: Point of order, Mr Speaker: the matter is still before the house and it is still under consideration. I ask the Treasurer either to join the debate after question time or not answer the question.

The SPEAKER: I'm afraid I uphold the point of order. The minister must not canvass the merits of the matter before the house.

Mr Pisoni interjecting:

The SPEAKER: The member for Unley is warned.

Mr Knoll interjecting:

The SPEAKER: And so is the member for Schubert.

The Hon. A. KOUTSANTONIS: I also point out I was asked a series of questions by the opposition on the major bank levy immediately after the budget, so I assume now no more questions—

Ms Chapman interjecting:

The Hon. A. KOUTSANTONIS: It was—yes, it was tabled on budget day. So another convention wrecked by the opposition—that oppositions are allowed to ask questions of budget measures leading up to the debate—as of today because of the Deputy Leader of the Opposition. No more, Mr Speaker!

Mr PISONI: Point of order: you ruled the question out of order, and the minister is still speaking, still answering the question.

The SPEAKER: No, the speaker is not canvassing the merits of the bank tax: he is upbraiding the opposition about the point of order.

Members interjecting:

The SPEAKER: I accept the Treasurer's criticism with equanimity; there is no need to intervene on my behalf.

The Hon. A. KOUTSANTONIS: I even look longingly on former Speaker Gunn, which says something. Mr Speaker, $9.928 billion announced today could fund the bank's liability for the major bank levy for more than 500 years—500 years.

Ms CHAPMAN: Point of order: the Treasurer is directly defying your ruling.

The SPEAKER: I'm not sure that he is.

Ms CHAPMAN: No, he's made a statement, Mr Speaker, about the allegation of the profitability funding the levy.

The Hon. J.M. Rankine interjecting:

The SPEAKER: The member for Wright is warned for the second and final time.

Members interjecting:

The SPEAKER: He is shimmying around the ruling.

Ms CHAPMAN: Well, Mr Speaker, can I just present this: the Treasurer has directly identified an alleged level of profitability as being sufficient to fund the tax that is under consideration in the Budget Measures Bill. That is a direct debate and contribution that should be dealt with after question time.

The SPEAKER: I'm not sure that it really canvasses the merits of the bank tax.

Ms CHAPMAN: He's suggesting that it's available funds to fund his tax. That is direct debate, and if he wants to discuss it he can come in here at 3.30 and have that discussion.

The SPEAKER: Thank you; I will listen carefully to what the Treasurer has to say and I remind him that he is on two warnings.

The Hon. A. KOUTSANTONIS: Thank you very much, sir. Considering that the Commonwealth Bank has reported its retained profits now total $26 billion, this means that any government in Australia can levy, say, hypothetically, a replica of the commonwealth government's major bank levy and it wouldn't touch the sides of the impact of the Commonwealth Bank. It wouldn't touch the sides.

But if they want to repair their reputation as a corporate citizen, given that they are currently facing accusations of breaches of anti-money laundering and terrorism activity, you would think that the Commonwealth Bank, rather than writing ads attacking the South Australian economy, may actually do some work to build its reputation. Perhaps, rather than members opposite siding with an organisation currently facing 53,000 allegations of anti-money laundering breaches—

Ms CHAPMAN: Point of order: these are matters for consideration in the Budget Measures Bill on this levy and have been debated this morning.

The SPEAKER: No, the deputy leader will be seated. The Treasurer's remarks are out of order, but not for that reason. The Treasurer appears to have finished.

The Hon. A. KOUTSANTONIS: No, I have not, sir.

The SPEAKER: But wait: there is more.

The Hon. A. KOUTSANTONIS: Given the level of profits one of the Australian banks announced today, and given that ANZ, NAB and Westpac are under official investigation by ASIC and the ACCC after being accused of rigging their own rates, the accusation forced the ANZ to sack seven of its traders. These are the people members opposite side with. There are some banks that have even increased interest rates on home owners, despite the RBA only having cut official rates since November 2000; that is, they are increasing rates against the tide of the RBA. These are the people members opposite side with.

The SPEAKER: The minister's time has expired.

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