Westpac-owned BankSA pulled its sponsorship of the South Australian government’s post-budget lunch in Adelaide over the state government’s plan to tax the big 4 banks and Macquarie 6 basis points, announced in the budget yesterday.

According to the AFR, BankSA Nick Reade made the call on last night to withdraw, calling the tax a “disgrace, and Westpac CEO Brian Hartzer has also responded saying plans to put an automated processing centre in Adelaide, delivering 150 jobs, on hold.

Speaking about the tax to the AFR, Hartzer said: “It is really unfortunate that decisions like this call into question that sort of commitment”, saying the tax says the state is “not open for business”.

Read more in the Fin here.

NOW READ: South Australia’s bank levy is an outcome that many investors feared

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.