SCHOOLS, hospitals and roads in the federal electorate of Swan will lose about $2000 in funding according to UnionsWA Secretary Meredith Hammat.
A UnionsWA analysis of the Federal Government’s taxation measures showed the tax cut for big banks equated about $124.4 million that would not go to Federal Government funded services in Victoria Park, Belmont, Swan and South Perth.
Ms Hammat said at a time when local schools, hospitals, public transport and roads needed more not less funding, the Federal Government was seeking to legislate tax breaks for big banks.
“For every home in the Swan electorate those tax breaks for the big banks amount to $2,048 less for Federal Government funded services as estimated by The Australia Institute,” she said.
But Swan Member for Parliament Steve Irons said in the 2018 Budget, the federal government delivered record funding for schools and hospitals, as part of it plan to guarantee essential services for Australians.
“Banks pay company tax at the company tax rate, they don’t get a special deal,” he said.
“In 2015-16 major banks paid a combined company tax bill of over $10 billion, as reported by the Australian Taxation Office.
“These major banks (also) pay a major bank levy which will return to the Government in excess of $16 billion over the next 10 years.”