30 July 2024
Banks that close their branches would be stung by new stamp duty fees under changes the Greens plan to make to the State Government’s Budget Measures Bill when Parliament resumes next month.
Greens Co-Leader Robert Simms has written to Premier Peter Malinuaskas and Opposition Leader David Speirs seeking their support for an amendment that would require banks to pay 20 per cent of the land value in stamp duty on any sale of a bank branch building unless the sale is made to another financial institution for the purposes of operating a bank branch.
“Bank branch closures come at a huge cost to South Australians, particularly in regional areas. It’s appalling that despite making record profits off the backs of families struggling with interest rate rises, banks persist in closing their branches and leaving communities high and dry,” Robert Simms MLC said.
“If the Greens’ amendment is successful, the stamp duty liability would shift to banks that are seeking to offload their branches. Given their enormous profits, banks have a responsibility to ensures communities are serviced appropriately. It’s only right that those who shirk this responsibility face a financial penalty.”
“I’m hoping that the Government and the Opposition will work with the Greens to support local communities and finally crack down on banks that are cutting vital services by closing their branches. SA has the potential to show national leadership on this issue.”
According to the Australian Prudential Authority 69 regional branches have closed in SA since 2012. In the first half of 2024 Westpac, NAB, CBA and ANZ reported a combined profit after tax of $15 billion.
In March 2023, the Upper House unanimously backed a motion from the Greens condemning regional bank closures.