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Labor set to adopt Greens bank levy

Adam Bandt 1 Aug 2013

Greens Deputy Leader, Adam Bandt, has welcomed reports that the government may adopt the Greens' bank levy policy in tomorrow's economic statement.

However, Mr Bandt warned the government risked the possibility of the levy being passed on to consumers, and undermining competition if it applied to smaller banks as well as the big four.

"Labor looks set to adopt the Greens' bank levy," Mr Bandt said.

"I welcome Labor's support for Greens economic policy."

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Time to tax big banks more: Bandt

Adam Bandt 24 Jun 2013

With our big banks the most profitable in the world and the government struggling to raise revenue, it is time for Australia to follow other countries’ lead and impose a levy that would net Commonwealth coffers $11bn, said Greens Deputy Leader and banking spokesperson, Adam Bandt.
 
"The big banks can make these record profits because the government underwrites their activities and boosts their bottom lines by billions," Mr Bandt said.
 

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Banks credit card gouge must stop: Bandt

Adam Bandt 13 May 2013

Greens Deputy Leader and banking spokesperson Adam Bandt MP says something must be done to rein in the big banks who are gouging credit card customers. Reports in today's Fairfax papers show that while the RBA has cut interest rates by 2% in the last two years, banks cut credit card interest by only 0.12 percent.

"The big banks are engaged in rampant profiteering," Mr Bandt said.

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Banks must pass on rate cut in full: Bandt

Adam Bandt 7 May 2013

The big banks are making record profits and must pass on in full today’s Reserve Bank interest rate cut, Greens Deputy Leader and banking spokesperson Adam Bandt said.
 
“The banks are making a motza at the moment and they can afford to pass this rate cut on in full”, Mr Bandt said today.
 
“Labor can’t sit on its hands. Something needs to be done to rein in the big banks. The banks have been riding roughshod over their customers and the taxpayers who are underwriting their profits."
 

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Westpac profit build case for bank levy: Bandt

Adam Bandt 3 May 2013

Labor needs to have the guts to act on another record profit from one of the big four banks, says Greens Deputy Leader and banking spokesperson Adam Bandt MP. Mr Bandt has previously outlined a proposal for a 'Public Support Levy' on the big four banks in return for the implicit "too-big-to-fail" policy of the government that underwrites their activities. Westpac has announced a 10 per cent jump in first-half cash earnings to a record $3.525 billion.

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Profits mean bank levy must be on Budget agenda: Bandt

Adam Bandt 30 Apr 2013

Greens Deputy Leader and banking spokesperson Adam Bandt MP says another record profit from ANZ announced today means the government should look to raise revenue from the big four banks.

The ANZ Bank announced a half-year net profit of $2.94 billion today and Westpac and NAB are expected to announce half-year profits of a similar magnitude. The Commonwealth Bank posted a $3.66 billion net profit in its first half in February.

"If ruled-out options are now back on the table, that should include fixing the mining tax and putting a levy on the big banks."

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

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.

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Ban ATM fees at big 4 banks: Greens

Greens Deputy Leader and banking spokesperson, Adam Bandt, today released a proposal to ban the big 4 banks from charging ATM fees.

"The big 4 banks should be required to offer fee-free ATM access to all Australians," said Mr Bandt.

"The big banks made $23bn profits last year, yet they still charge us for the privilege of accessing our own money.

"You can't get by in society without a bank account, so it should be treated as an essential service, not an opportunity to charge us more fees.

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Greens will move for inquiry on lost accounts bill

Greens Deputy Leader and banking spokesperson Adam Bandt MP says the Greens will move for a Senate inquiry into the government's 'Unclaimed Money' bill, to examine concerns about how the measures will impact on consumers and superannuation fund members.

The MYEFO measure will mean inactive super, bank and life insurance accounts would be transferred to the Commonwealth.

"The Greens support the goals of this bill, but the measures in relation to bank accounts and life insurance have not had proper public discussion and need to be examined in an inquiry," Mr Bandt said.

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