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Month: August 2017

Creative taxation: the sign of a failing federation

Creative taxation: the sign of a failing federation

This week found Jay Weatherill, the Premier of South Australia, once again attacking Australian banks, this time on the back of the Commonwealth Bank recording a nearly $10 billion profit, while being accused in the same week of money laundering. Weatherill’s aggression towards the banking sector comes during his government’s campaign to get a new bank levy through the state parliament, just as the federal government did earlier in the year. Unlike the federal levy, which had near unanimous political support, this state levy is being opposed by the state opposition and Nick Xenophon’s party, while the banks are in a far greater state of discontent than they were when the federal levy was introduced.

So, what’s actually going on?

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