Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on reports that the Government plans to lock in a six basis point levy into legislation.

Senator Whish-Wilson said, “Locking the levy in at six basis points means potentially locking in a revenue shortfall, money much needed for schools and hospitals in this country.

The Australian Greens Treasury spokesperson, Senator Peter Whish-Wilson, today called on the government to guarantee that the bank levy will meet budgeted forecasts for revenue.

Senator Whish-Wilson said, “The big four banks have all been briefed on the bank levy and have all estimated that it will bring in less than what the government has budgeted for.

Greens Treasury spokesperson, Senator Peter Whish-Wilson, is calling on Scott Morrison to bring forward the account portability measures in the budget, to make it harder for the big banks to pass on costs to customers.

Senator Whish-Wilson said, “The Greens took full bank account portability as a policy to the 2016 election. Bringing this in would allow customers to change bank accounts with a couple of mouse clicks.

“If we brought forward bank account portability, then the first bank to put up fees would be faced with an immediate exodus of customers.

Greens Treasury Spokesperson, Senator Peter Whish-Wilson, has called upon Labor to stop fiddling at the edges with top-end tax rorts and adopt a proper Buffett rule to get serious about addressing inequality.

Senator Whish-Wilson said, “What Labor proposed last night was the version of the Buffett Rule you adopt when Chris Bowen won’t let you have a Buffett Rule. A proper Buffett Rule would raise nearly $39 billion over the medium term, not a measly $1.3 billion.

Greens Treasury spokesperson, Senator Peter Whish-Wilson, is calling on the Parliament to implement a Buffett Rule to make sure that executive fat cats don’t rort the tax rules so they pay less than the average wage earner.

Senator Whish-Wilson said, “If we were to make the deficit levy permanent and were to undo the $315 tax cut to the top 20% of income earners we would have a much more progressive income tax system and raise almost three-quarters of the amount that a flat increase to the Medicare Levy would raise.