Economy
Australia’s big banks don’t need to play Scrooge
Australian Greens Leader Bob Brown today urged the big banks to pass through the full Reserve Bank rate cut to customers.
“Australia’s banking sector, the strongest in the world, has been generously supported by the government and does not need more assistance – granted by the banks to the banks at the expense of customers, or tax cuts at the expense of public services,” Senator Brown said in Launceston.
“The big four banks – after reporting a combined annual net profit of more than $25 billion this year – should do more to support small business, whether it is access to capital or fairer borrowing costs, or paying their fair share.”
“The big four banks alone would get a windfall of more than $4 billion over the next decade from the proposed corporate tax cut that the government will try to pass through the Parliament next year. The Greens will seek to amend that.”