The South Australian government will deliver promised tax breaks for small business despite dumping the controversial bank tax.
Treasurer Tom Konstantinos says the government will also seek to raise more money from property investors by increasing a proposed levy on foreign buyers.
"Our number one priority will continue to be creating jobs and helping our small businesses grow," Mr Koutsantonis said on Thursday.
The small business payroll tax concessions were included in the most recent state budget along with the levy on the big banks which was originally expected to raise $360 million over four years.
That figure has since been revised up to $417 million, the treasurer said.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
The proposed increase in the property investment levy will raise an extra $26.6 million over the same period but falls well short of covering the loss of the bank tax.
Legislation to allow for the increase was to be introduced in state parliament on Thursday.
The reframing of the budget came after Opposition Leader Steven Marshall said there was no need for the government to also scrap payroll tax relief.
"Any suggestion otherwise is complete nonsense," Mr Marshall said.
It also came amid widespread support from the banks and the business community for the axing of the bank tax.
ANZ chief executive Shayne Elliott said scrapping the bank levy was a clear sign SA was once again open for business.
"We look forward to continuing to invest in our South Australian business with renewed certainty, which remains an important part of our business here in Australia," Mr Elliott said.
Business SA chief executive Nigel McBride said the many small businesses needed the treasurer's payroll tax cuts.
"We welcome his decision to support thousands of businesses, many of them doing it tough, by ensuring they will continue to receive these important concessions," he said.
