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Traders’ antics are no joke: we need a Royal Commission to get to the heart of the problem

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.

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RBA alumni exposes the Government’s negligence on infrastructure

The Australian Greens finance spokesperson, Senator Peter Whish-Wilson, today welcomed the call by former Reserve Bank Governor, Warwick McKibbin, for an increase in infrastructure spending.

Senator Whish-Wilson said, “Government spending on public infrastructure is vital to the future of the Australian economy. The Greens recently released a ground-breaking  initiative to establish a Government-owned infrastructure bank and issue up to $75 billion of low interest debt to get money flowing and build the nation.

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ASIC announcement an admission of 3 wasted years under the Liberals

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.

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Shorten must walk the talk on local steel and oppose the TPP

The Australian Greens' trade spokesperson, Senator Peter Whish-Wilson, today called on the Labor Party to commit to opposing the Trans-Pacific Partnership (TPP) in the wake of Bill Shorten's comments about Arrium Steel.

Bill Shorten said yesterday that he would require all levels of government to buy local steel, and asked the rhetorical question, "What's wrong with requiring Australian content in the steel?"

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Greens to move motion calling for Royal Commission into the Financial Sector

When the Senate resumes the week commencing 18 April the Greens will again move a motion calling for the establishment of a Royal Commission into the Financial Sector. The Greens last moved this motion on the 24 June 2015 at which time it was opposed by the Labor Party and the Coalition Government.

Greens Finance spokesperson,  Senator Peter Whish-Wilson, said, "It's time to work out where everybody stands on this. The Australian public are clamouring for Royal Commission to root out crime and misconduct in the financial sector.

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Forestry Managed Investment Schemes: $4 Billion more reasons for a Royal Commission

The Senate Economics Committee has today released its report into the collapse of forestry MIS in Australia, detailing the rise and fall of a $4 billion Ponzi scheme.
Greens spokesperson for Finance, Senator Peter Whish-Wilson, who initiated the inquiry in 2014, called forestry MIS “Australia’s GFC moment” and “an almost perfect reflection of the boom and bust in the United States mortgage market”.

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CommInsure scandal reinforces need for an urgent Royal Commission

The Australian Greens have today reiterated their call for a Royal Commission into the financial services sector and the culture generated within vertically integrated banking models.

Greens Finance spokesperson, Senator Peter Whish-Wilson, has again called for banks to be put under the highest level of scrutiny following revelations of misconduct in the insurance arm of the Commonwealth Bank.

Senator Whish-Wilson said, “The coercive powers of a Royal Commission are essential to see how far and how high this problem goes.

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