The South Australian treasurer has lashed out at another big bank after Westpac recorded a profit of almost $8 billion amid ongoing debate over SA's controversial bank tax.
The major financial institution's increased profit comes less than a week after NAB announced a $6.6 billion profit and big job cuts as the state government's bank levy struggled to get approved by parliament.
Treasurer Tom Koutsantonis says the large profit easily covers the federal levy, which debunks the argument consumers will be forced to take on extra fees if the state's tax is passed.
"Of the $90 million they've paid so far, none of it has been passed on to customers, none of it has gone off peoples' mortgages, or on to new levies, or to hidden fees and charges," the treasurer said.
"They just paid it out of their profits."
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The SA tax was blocked in the upper house by one vote last week and was expected to be considered once again when parliament next sits on November 14.
And if the Budget Measures Bill is ultimately rejected, Mr Koutsantonis said small businesses would be forced to pay an extra $9000 in payroll tax.
About 3000 small businesses have been charged a reduced rate since the start of the financial year on the assumption the budget would pass.
"The Liberals will be delivering a tax increase of thousands of dollars to thousands of small businesses who have no doubt factored the current rate into their budgeting," he said in a statement on Monday.
Blocking the tax would also mean blocking stamp duty concessions, pre-construction grants for people buying apartments off the plan and a five-year land tax exemption, the treasurer said.
But Opposition Leader Steven Marshall said the two weren't linked.
"The under treasurer has confirmed to the parliament that these payroll tax cuts can be made administratively, regardless of what happens with the budget measures bill," he said.
"South Australians are sick of this tricky treasurer and his illogical arguments when it comes to the state bank tax."
