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Big banks’ world-leading profits could help Treasurer’s budget task: Bandt

Media Release
Adam Bandt 27 Mar 2013

Responding to today's report by the Reserve Bank that Australia's big 4 banks are amongst the most profitable in the world, making ‘robust' profits that are expected to ‘rise strongly' this year, Greens Deputy Leader and banking spokesperson, Adam Bandt, said the time had come for the Treasurer to make the major banks contribute more to the May Federal budget.

"By slugging consumers with fees and making more from mortgages, Australia's big banks have been raking in world-leading profits over the last few years," said Mr Bandt.

"The government gives the big banks effective subsidies worth billions of dollars a year and it's helping them make record profits."

"It's time the big banks contributed a fair share to the public purse so that there's more money to pay for schools and public housing."

"If Labor had the guts to stand up to big business, a ‘public support levy' on the big 4 banks could raise $11bn over 4 years."

"If Labor doesn't make the banks contribute more of their record profits to the public purse, Labor will keep cutting services and benefits or raising the amount of money the rest of us have to pay."

The Greens have proposed a ‘public support levy' on the big 4 banks, similar to that in place in many European countries, which would raise $10.9bn over 4 years.

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