“South Australians will be relieved at news today that their government’s proposed investment-sapping bank tax will be abandoned,” said Business Council chief executive Jennifer Westacott after the South Australian Premier Jay Weatherill shelved the proposed bank tax.

“The South Australian bank tax threatened to sap investment and jobs from a state with persistently weak economic growth and an unemployment rate of 5.8 per cent – already above the national average.

“South Australians need their political leaders to support policies which encourage investment in local jobs and industry. The state needs investment in its potential not opportunistic, populist tax grabs.

“South Australian Opposition Leader Steven Marshall deserves congratulations for his principled decision to oppose the bank tax and credit for helping restore the state’s reputation among investors.

“Now that the bank tax has been abandoned the worst outcome would be for it to be replaced by another ill-conceived tax grab. South Australia’s economic woes will not be solved by creating uncertainty for businesses who want to invest.

“South Australians want a thriving economy with strong local jobs and wages growth. That will only happen when their political leaders get serious about the challenge of attracting investment.