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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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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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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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