Back to All News

Endless greed in the banking sector won't be stopped without major reform

Media Release
GreensMPs 28 Sep 2018

Greens Treasury spokesperson Senator Peter Whish-Wilson and Leader Dr Richard Di Natale have this afternoon welcomed the release of the interim report of the Banking and Financial Services Royal Commission, saying we must now undertake serious reform to clean up the endless greed in the sector.

“Scott Morrison famously said when announcing this Royal Commission that it would not be ‘capitalism on trial’, but it’s now clear that’s exactly what it is, certainly it’s the worst excesses of capitalism on trial,” Senator Whish-Wilson said.

“Commissioner Hayne has not minced his words, and at the end of the day has kept his message pretty simple: banks can’t go on putting profits before people. Business as usual is not an option.

“The Greens have put forward a comprehensive plan for change. We can restructure the financial services industry so it works better for people and can be more effectively regulated.

“No Bank CEO on tens of millions of dollars in salary, no senior manager, no regulator, no spruiker of financial products, and no politician can afford to ignore these findings.”

Greens Leader Dr Richard Di Natale said Commissioner Hayne’s summary of hearings backed up the case for change the Greens have been building over the past four years.

“This interim report shows that problems in the banking sector aren't limited to a few bad apples. There is serious rot through the industry, and it's culture and structures must change," Dr Di Natale said.

“Both old parties have been dragging their heels on banking reform for years – preferring to tinker around the edges, to protect their donors and mates in the financial sector. Even now banking lobbyists are scurrying around the halls of Parliament to try and protect their super profits.

“The Greens will always put people first, and are proud we’ve led on establishing this Royal Commission. We now all have the responsibility to make sure it delivers change."

Back to All News