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NAB’s multi-billion dollar profit shows big four can pay bank levy

Adam Bandt 28 Oct 2015

Greens Treasury spokesperson Adam Bandt MP today said NAB’s increased profit of $6.3 billion shows the big four banks can afford to pay a bank levy in recognition of their implicit public support. Mr Bandt called on Treasurer Scott Morrison to bring a bank levy for the big four banks only.

“NAB today has recorded a $6.3 billion profit and the big four banks combined are expected to post record profits topping $30 billion this year,” Mr Bandt said.

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Big banks winners from government Financial System Inquiry response: Greens

The Greens Treasury spokesperson Adam Bandt and Finance spokesperson Senator Peter Whish-Wilson today said that the big banks are the big winners from the government’s response to the Financial System Inquiry. The Greens said they will seek to ensure any measures to limit credit card fees also apply to ATM fees and called for stronger action to prevent future financial advice scandals.

“The big banks seem to be the winners from the government’s response to the Financial Systems Inquiry,” Mr Bandt said.

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Cracking down on multinational tax avoidance requires more than proposed law: Bandt

Adam Bandt 19 Oct 2015

Greens treasury spokesperson Adam Bandt MP today said the Greens will support the government’s Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, but unless the government goes further, the problem of multinational tax avoidance will continue. Mr Bandt spoke on the bill today in the House of Representatives.

“If we want to have good schools and good hospitals in this country and a safety net that gives people a good income to retire on, then government needs to raise the revenue for it, which means tougher action than this bill proposes,” Mr Bandt said.

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Time to make banks act in public interest

Adam Bandt 15 Oct 2015

In response to Westpac’s interest rate rise, Greens treasury spokesperson Adam Bandt MP today said it’s time for banks to act in the public interest and called on Treasurer Scott Morrison to reconsider the Greens’ public support levy.

“The big four banks make world-leading record profits off the back of public support,” Mr Bandt said.

“Yet as soon as they’re asked to make themselves more secure, they hit the public by jacking up their interest rate and making their customers pay more.”

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Tax avoidance: Serious Financial Crimes Taskforce has found the tip of the iceberg

Adam Bandt 14 Oct 2015

Greens treasury spokesperson Adam Bandt MP today said the Serious Financial Crimes Taskforce’s recovery of $85 million in unpaid taxes is just the tip of the iceberg of Australia’s tax avoidance problem.

“Enforcing the current law is one thing, but it’s small change when you consider the pot of gold that’s disappearing offshore because the law is insufficient,” Mr Bandt said.

“The Senate Inquiry into corporate tax avoidance, initiated by the Greens, has exposed huge loopholes in the current law that this government needs to address.”

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PM Turnbull’s economic challenge: tackle inequality, global warming

Adam Bandt 17 Sep 2015

The Australian Greens have challenged new Prime Minister Malcolm Turnbull to dump the "nope, nope, nope" attitude of his predecessor when it comes to economic reforms that would reduce wealth inequality and face up to the reality of global warming.

"You can't have a serious economic plan if you've got Tony Abbott's climate policy leading into this election, and that's where Malcolm Turnbull is right now," said Greens Leader Richard Di Natale.

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Time for Hockey to change tack on Budget: Bandt

Adam Bandt 8 Sep 2015

In response to the Parliamentary Budget Office’s update on the impact of the government’s unlegislated measures on the Budget, Greens Treasury spokesperson today said that it’s time for Joe Hockey to change tack by ditching his unfair attacks on everyday Australians. Mr Bandt said to address the revenue crisis that Australia is facing, the Treasurer should end unfair tax breaks like super concessions and negative gearing.

“The PBO update confirms that Joe Hockey needs to change tack if he insists on balancing the Budget,” Mr Bandt said.

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Summit backs Greens’ Retirement Review Push

Adam Bandt 27 Aug 2015

Greens Treasury spokesperson Adam Bandt MP today welcomed the National Reform Summit’s action plan backing the Greens’ push for a review into the retirement system, as well as other key Greens policies, but warned that the it completely underestimated the impacts of climate change on our future prosperity.

“The action plan agreed by the business, union and community leaders at yesterday’s summit endorses the Greens’ push for a broad review into our retirement income system,” Mr Bandt said.

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Hockey would have to put GST on health, food & education to fund income tax cuts

Adam Bandt 26 Aug 2015

Greens Treasury spokesperson Adam Bandt MP has released new research showing that Treasurer Joe Hockey, who has floated the idea of an expanded GST, would have to extend the GST to health, education and fresh food to fill the Budget hole created by his proposed income tax cuts.

“The Treasurer is planning a tax shift, not a tax cut," Mr Bandt said.

"He’s ruled out balancing the books by reforming unfair tax breaks for the wealthy, but he remains happy to talk about making everyone else pay through a broader GST.”

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Budget may never return to surplus under Hockey’s ‘magic pudding’ tax cuts

Adam Bandt 25 Aug 2015

Greens Treasury spokesperson Adam Bandt MP today said new research suggests that Treasurer Joe Hockey’s mooted ‘bracket creep’ tax cuts may see the Budget never return to surplus, unless the government increases other taxes or introduces new spending cuts.

"We don't have a budget crisis but we will have a revenue crisis if a $25 billion hole is punched in the government's income stream,” Mr Bandt said.

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