The Australian Greens finance spokesperson, Senator Peter Whish-Wilson, responded today to comments by the Prime Minister following the latest allegation of crime and misconduct within the financial system.
Senator Whish-Wilson said, “Legal action taken by ASIC against Westpac has “completed the set” with Australia’s five largest banks having all now been implicated in a financial scandal of one form or another.
“The spectacle of Malcolm Turnbull admonishing the banks and calling on them to behave themselves was laughable. Banks only respond to one thing: a threat to the bottom line. The Prime Minister should know this better than most.
“How many scandals will it take for a Royal Commission? How many more ill-gotten gains are going to be allowed? How more ordinary Australians need to lose money their money before this government acts?
“We need a Royal Commission, with all of its coercive powers, to get to the heart of what is wrong with Australia’s financial system.
“A Royal Commission into the banks would lay bare the problems with the banks’ vertically integrated business model. The scandals that we are seeing are the logical result of an incentives structure that encourages profit above all else.
“With an election around the corner its time for all parties to lay their cards on the table on this. Will the Liberals call a Royal Commission? Will the Labor Party call a Royal Commission if they win office? It’s time to know where everyone stands.
Senator Whish-Wilson supported the recent call by the head of the Australian Institute of Company Directors, John Brogden, for the banks’ vertically integrated model to be broken up.