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Forestry Managed Investment Schemes: $4 Billion more reasons for a Royal Commission

The Senate Economics Committee has today released its report into the collapse of forestry MIS in Australia, detailing the rise and fall of a $4 billion Ponzi scheme.
Greens spokesperson for Finance, Senator Peter Whish-Wilson, who initiated the inquiry in 2014, called forestry MIS “Australia’s GFC moment” and “an almost perfect reflection of the boom and bust in the United States mortgage market”.

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CommInsure scandal reinforces need for an urgent Royal Commission

The Australian Greens have today reiterated their call for a Royal Commission into the financial services sector and the culture generated within vertically integrated banking models.

Greens Finance spokesperson, Senator Peter Whish-Wilson, has again called for banks to be put under the highest level of scrutiny following revelations of misconduct in the insurance arm of the Commonwealth Bank.

Senator Whish-Wilson said, “The coercive powers of a Royal Commission are essential to see how far and how high this problem goes.

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Defence cash splash obliterates future budget surpluses

Greens Defence and Finance Spokesperson, Senator Peter Whish-Wilson, has released analysis from the Parliamentary Library showing that the new Defence spending outlined in yesterday’s White Paper has obliterated future budget surpluses.

Senator Whish-Wilson said, “Scott Morrison’s and Mathias Cormann’s ‘credible path to surplus’ appears to have taken a detour via the South China Sea.

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Tax office endorses recent Multinational Tax moves

The Australian Tax Office has endorsed legislation passed by the Greens on the last day of Parliament last year, saying they’re already seeing positive changes in behaviour of multinationals and large corporates.

“The testimony by the ATO that new laws combatting multinational tax avoidance are already delivering positive results is justification for the stance taken by the Greens late last year passing legislation on this important issue”.

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Greens vote tightens the net on multinational tax avoiders

Australia has this week joined 30 other countries in signing a new agreement to combat multinational tax avoidance, after the Greens supported the facilitating legislation on the final parliamentary sitting day of 2015.

"Australia nearly missed the chance to get started on this information-sharing project, which we know will put pressure on multinational tax avoiders," said Greens Leader Richard Di Natale.

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Plain Packaging victory is outstanding for public health but ISDS still hangs like a Damocles sword over Australian democracy

Greens spokesperson for Trade, Senator Peter Whish-Wilson welcomes Australia’s victory in the Investor-State Dispute-Settlement (ISDS) case against Phillip Morris over plain packaging laws.

“Plain packaging has proven to be an effective public policy tool to reduce smoking rates in Australia. Unfortunately as a nation we have signed up to trade and investment treaties that have given corporations the right to sue us for making laws that might impinge on a foreign corporation’s profits.

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