We need to fix the banks now. If the banks fail it affects everyone and everything.
The Royal Commission into the banks has put some of the worst excesses of capitalism on trial. The banks can’t go on putting profits before people. Business as usual is not an option.
The Greens led on establishing the Royal Commission while both Labor and the Liberals have dragged their heels on banking reform for years. The Greens have identified the problems in the banking sector and now have put forward the solutions.
The endless greed in the banking sector won't be stopped without major policy reform. Talk from the major parties is cheap as they are yet to be forthcoming with any significant policy.
We must restructure the financial services industry so it works better for people and can be more effectively regulated.
The Greens have a comprehensive plan to fix up Australia’s banks. In the same way that misconduct in banking has been shown to be systemic, the response must be systemic. The best way to ensure victims of misconduct by the banks are not forgotten is to undertake the reform necessary to stop it happening again.
The Greens would:
- Break-up the banks to stop the cross-selling.
- Establish a publicly-owned “People’s Bank” to provide some real competition.
- Put the ACCC in charge of conduct regulation.
- Cap executive pay.