Greens Treasury and Consumer Affairs spokesperson, Senator Peter Whish-Wilson, provides the following comments on the Government’s latest efforts to stave off a Banking Royal Commission by establishing another internal inquiry, this time via the Australian Small Business and Family Enterprise Ombudsman.

The Greens spokesperson for Finance, Senator Peter Whish-Wilson, said, “If the Turnbull Government refuses to act on establishing a Royal Commission into the misconduct in the financial services sector, then I want Parliamentarians to know there is another powerful option for us to pursue.

ANZ's record profit announced today is a result of the big banks fleecing customers, Greens Deputy Leader and banking spokesperson Adam Bandt said today. ANZ has increased its profit by 11 per cent to $6.49 billion and it comes as the big four banks are predicted to lift their annual profits to over $27 billion this year.

"Everyday Australian's bank balances have bled to feed this record profit. It is no wonder so many Australians see the big four as vampires." Mr Bandt said.

"A stable financial sector shouldn't come at such a high cost to everyday consumers."

Greens Deputy Leader, Adam Bandt, has called for an inquiry into the Reserve Bank of Australia following disturbing new claims of illegal approaches to Saddam Hussein's regime, as well as demanding ASIC explain why it is turning a blind eye to the RBA's corporate activities.

"Most Australians would be shocked to know their central bank was using their money to line up dirty deals with Saddam Hussein," said Mr Bandt.

"The stench surrounding the Reserve Bank gets worse and a full inquiry is needed to clear the air."