ABA APPLAUDS NSW MOVE TO ABOLISH BAD TAX Sydney, 29 May, 2001: The Australian Bankers' Association (ABA) welcomed today's announcement by NSW State Treasurer, Michael Egan, that New South Wales intends to abolish state debits tax, also known as BAD tax. David Bell, CEO of the ABA, said today's announcement follows extensive lobbying by the Banking industry. "The Banking industry has been campaigning since 1994 to have this regressive tax abolished and it is most gratifying to finally see a move to speed up its abolition. "The ABA has always viewed the debits tax as "BAD" in name and bad for your bank balance. It has been an unfair impost on small business operators and a burden on those who can least afford it such as pensioners," Mr Bell said. "The NSW Government deserves to be congratulated for taking this step. It is the first state to bring forward the abolition of debits tax, which other states are not intending to abolish until 2005." According to Mr Bell today's move by NSW now issues a challenge to all States to follow suit. "NSW has clearly issued a challenge to all other States around Australia to follow its lead. Every State must now review their timetable for abolishing debit tax and we expect the smart ones will move quickly to speed up the process," Mr Bell said. For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS