Greens Spokesperson for Treasury and Consumer Affairs, Senator Peter Whish-Wilson, provides the following comments on the Commbank and Storm Financial revelations published today by Michael West.

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.

The Australian Greens finance spokesperson, Senator Peter Whish-Wilson, said today that the “ugly spectacle” of Westpac and ANZ traders joking about their apparent rigging of the bank bill swap rate (BBSR) strengthened the case for a Royal Commission in the financial services sector.

Senator Whish-Wilson said, “Trader’s antics are no joke. This sort of callous disregard for the harm being caused reflects a deeper cultural problem at the heart of the financial sector.

Greens spokesperson for Finance, Senator Peter Whish-Wilson, says the last minute rush to fix financial regulation is an admission by the Government that they have wasted their three years in office.

Senator Whish-Wilson said, “I am pleased that the government has made this ASIC announcement today as it perfectly highlights that they have spent their time in office heading in the wrong direction when it comes to financial regulation.