On Tues 22.8.17, the Australian Bankers Association announced that Australia’s major banks have resolved to mount a High Court challenge to the constitutional validity of the proposed South Australian ‘bank tax’, if it is legislated. It also announced that any other State proposing such a tax would also be the subject of a similar High Court challenge.
So, that’s the rhetoric, but what of the substance? The announcement did not mention the basis on which it would be challenged, at all, which is a shame. If there is a tenable basis for the challenge, it would have been interesting to hear it articulated.