Greens Treasury spokesperson, Senator Peter Whish-Wilson, has reiterated calls for investment property to be treated as a financial product in the wake of the 4 Corners report on the state of the housing market in Australia.

Senator Whish-Wilson said, “Australia’s housing market is a debt-fuelled bubble driven primarily by tax breaks to investors. This is distorting the entire economy, creating enormous financial risk, and pushing the price of housing out of the reach of young people.

Greens Treasury spokesperson, Senator Peter Whish-Wilson, responded today to the Commonwealth Bank’s record profit announcement.

“The announcement of a $10 billion profit by Commonwealth Bank is emblematic of what is wrong with the Australian economy.

“Despite having a record of bad behaviour as long as your arm, CBA is making record profits and paying their executives millions and millions while ordinary Australians watch their wages freeze and the cost of housing spiral out of control.

Greens Treasury spokesperson, Senator Peter Whish-Wilson, has labelled the decision by the Commbank board to cut just the short-term cash bonus of Ian Narev and his colleagues, while leaving the remainder of their bonuses in-tact as simply 'stunning'.

Senator Whish-Wilson said, “The big bucks should stop with the Commonwealth Bank CEO and senior executives. Not one of them should get a single cent in bonuses, whether those bonuses are in shares or in cash, or whether they relate to this year’s performance or the last four years.

Greens spokesperson for Treasury, Senator Peter Whish-Wilson, is calling on the Board of Commonwealth Bank to consider the position of Ian Narev today, and to cancel all senior executive bonuses in their meeting prior to the release of the annual financial results.

Senator Whish-Wilson said, “If the Board of Commbank wants to start to rebuild trust in their organisation they need to make sure that no senior executive with any oversight of this alleged money laundering scandal gets paid one single cent in bonuses this year.

Greens Treasury Spokesperson, Senator Peter Whish-Wilson, says that Commbank money laundering scandal shows that the culture in the financial services sector is still suspect and only a Royal Commission or a Parliamentary Commission of Inquiry will return public confidence in this critical sector.

Senator Whish-Wilson said, “The behaviour of Commbank that emerged during the Senate Inquiry into ASIC was what sparked the first call for a Royal Commission. I am sick of being told by overpaid executives that everything is ok in this sector, when it is clearly not.

The Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on the release of HILDAs The Household, Income and Labour Dynamics in Australia Survey.

Senator Whish-Wilson said, “These survey findings won’t be a surprise for young people but they should be a wake-up call for the Government.

“These figures are catastrophic. No matter how hard young people are working or how much time they are putting into study, the ability of a young person to own their own home is slipping away.

Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on reports that the Government plans to lock in a six basis point levy into legislation.

Senator Whish-Wilson said, “Locking the levy in at six basis points means potentially locking in a revenue shortfall, money much needed for schools and hospitals in this country.

The Australian Greens Treasury spokesperson, Senator Peter Whish-Wilson, today called on the government to guarantee that the bank levy will meet budgeted forecasts for revenue.

Senator Whish-Wilson said, “The big four banks have all been briefed on the bank levy and have all estimated that it will bring in less than what the government has budgeted for.

Greens Banking spokesperson, Senator Peter Whish-Wilson, says while the Greens will support any inquiry to the specific bank levy legislation, we won’t support a full references Inquiry without seeing the terms of reference.

Senator Whish-Wilson, “It hasn’t taken long for Bill Shorten and Anna Bligh to team up and tag team against the bank levy proposal.

“Let’s make it very clear, based on this government's past form, if these banks don’t pay this levy then it will be the poorest Australians who will have to make up the difference.

Greens Treasury spokesperson, Senator Peter Whish-Wilson, is calling on Scott Morrison to bring forward the account portability measures in the budget, to make it harder for the big banks to pass on costs to customers.

Senator Whish-Wilson said, “The Greens took full bank account portability as a policy to the 2016 election. Bringing this in would allow customers to change bank accounts with a couple of mouse clicks.

“If we brought forward bank account portability, then the first bank to put up fees would be faced with an immediate exodus of customers.