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No good reason why Reserve failed to involve police: Bandt

Adam Bandt 8 Oct 2012

After a full day's inquiry, the Reserve Bank has still failed to satisfactorily explain why the Federal Police were never called in to investigate corruption concerns, Greens Deputy Leader and banking spokesperson Adam Bandt MP said today.

"I commend the willingness of the Governor and the bank to give evidence and share documentation with the committee, but we still don't have a satisfactory explanation as to why the police weren't called until the scandal hit the newspapers," Mr Bandt said.

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New RBA revelations means Treasurer must act

Adam Bandt 11 Sep 2012

Greens Deputy Leader Adam Bandt MP says new revelations in the Reserve Bank bribery scandal mean the Treasurer must establish a full judicial inquiry into the affair.

Mr Bandt says allegations, aired on 730, that current Assistant RBA Governor Frank Campbell was aware of payments to a Malaysian arms dealer after he had been sacked by a Reserve Bank subsidiary further reinforce the need for an inquiry.

Mr Bandt has written to the Treasurer requesting an inquiry and has a motion before the House of Representatives for the establishment of a Royal Commission.

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Greens amend MySuper bill to stop super 'flipping'

Adam Bandt 22 Aug 2012


Greens Deputy Leader and employment spokesperson Adam Bandt has thanked the parliament for supporting his amendments to the MySuper Bill currently before the House of Representatives.

Mr Bandt says the amendments will stop super funds from gouging additional fees by unilaterally moving an employee's funds from one MySuper product to another after the employee leaves the workplace.

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Bandt moves for inquiry into RBA scandal

Greens Deputy Leader and banking spokesperson Adam Bandt announced today that he will move in parliament for an inquiry into the growing RBA banknote bribery scandal.

The case for a full independent inquiry into what the RBA knew and did about this growing scandal is now overwhelming, he said.

"I will move in Parliament for the establishment of a full independent inquiry into the banknote bribery scandal. The inquiry should have the powers of a Royal Commission," Mr Bandt said.

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$2 ATM fees remain as Swan squibs bank reform: Bandt

Adam Bandt 25 May 2012

Treasurer Swan has squibbed it on ATM reform and high fees will remain, Greens Deputy Leader and banking spokesperson Adam Bandt MP said today.

While the government action on ATMs in remote indigenous is welcome and long overdue, the government should have scrapped fees for balance inquiries and capped ATM withdrawal fees at their real cost, Mr Bandt said.

"The Treasurer has been sitting on these reports for months and now has squibbed it on real ATM fee reform", Mr Bandt said.

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Swan needs to act on bank rates: Bandt

Adam Bandt 1 May 2012

Greens Deputy Leader and banking spokesperson Adam Bandt MP says any failure to pass on an interest rate cut by the big banks means the government should back the Greens' plan for tracker mortgages. Mr Bandt said the big banks have no justification to not cut rates while their profits continue to soar. He has called on the Treasurer and the government to back the Greens' proposal to require banks to provide a "tracker" mortgage product to their customers.

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RBA inquiry still needed: Bandt

Adam Bandt 5 Mar 2012

Greens MP and banking spokesperson Adam Bandt says new revelations of possible illegality by senior RBA officials and businesses in relation to the note bribery scandal means a judicial inquiry is needed. Mr Bandt says only a full and independent inquiry will be capable of clearing the shadow that hangs over the RBA.

"The accumulating scandal can no longer be ignored by the Treasurer," Mr Bandt said.

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Protect consumers and financial planners: disclosure of fees vital for integrity of industry

The government should not delay much-needed financial services reforms for consumers and providers of financial advice, Australian Greens Leader Bob Brown said today.

"People setting aside hard-earned money for their retirement or other purposes have every right to know how much money financial planners are making in fees. It is also vital for people seeking financial advice that the potential for conflicts of interest is reduced," Senator Brown said in Canberra.

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Greens to peg loans to RBA rate

Greens MP and banking spokesperson, Adam Bandt, said he will introduce legislation requiring banks to offer mortgages and small business loans that will pass on in full any Reserve Bank rate cut.

"Banks should be required to offer mortgages and small business loans that only go up and down when the Reserve Bank changes its interest rate" he said.

"By requiring the banks to pass on any Reserve Bank rate cut in full, and by capping any rise at the same amount set by the RBA, we will limit excessive profiteering and ensure Australians get a better deal."

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