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Senate Estimates

The Greens understand that the Senate will today support our motion requiring Reserve Bank governor Dr Philip Lowe to appear at Senate Estimates.

“Independence does not mean a lack of accountability,” Greens Economic Justice Spokesperson Senator Nick McKim said.

“There are serious questions for Dr Lowe.” 

“Dr Lowe induced people into taking on massive amounts of debt by saying interest rates wouldn’t go up until wages had increased substantially and this was unlikely to be until 2024.”

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RBA again fails to acknowledge record high corporate profits

Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe’s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.

“Yesterday’s National Accounts showed that profit’s share of national income hit a new record high and that wages’ share of national income hit a new record low.”

“In the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.”

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RBA lodges a vote of no confidence

The RBA’s decision to cut interest rates to new historic lows and start a new round of quantitative easing is a vote of no confidence in the Government’s recovery plans, Greens Economic Justice spokesperson Nick McKim says.

“This decision shows the RBA has no faith in the Liberals’ agenda of tax cuts for the super wealthy and more handouts for the big corporate polluters,” Senator McKim said.

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RBA, ASIC must answer to Parliament on corruption claims: Bandt

Adam Bandt 30 Sep 2013

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."

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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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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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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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