Treasurer Wayne Swan should heed the call of leading economists and initiate an inquiry into Australia's banking system, Australian Greens Leader Bob Brown said today.
"Australia's financial system has not been reviewed since 1996. Given the support that Government has provided to the sector, it's time to look at how it can better act in the public interest," said Greens Leader Bob Brown.
"An inquiry should look at a range of options. For instance, low or no fee accounts and mechanisms to ensure that interest rate cuts are passed on directly to consumers, would be of immediate benefit to many Australians."
Treasurer Wayne Swan should heed the call of leading economists and initiate an inquiry into Australia's banking system, Australian Greens Leader Bob Brown said today.
"Australia's financial system has not been reviewed since 1996. Given the support that Government has provided to the sector, it's time to look at how it can better act in the public interest," said Greens Leader Bob Brown.
"An inquiry should look at a range of options. For instance, low or no fee accounts and mechanisms to ensure that interest rate cuts are passed on directly to consumers, would be of immediate benefit to many Australians."
"Australians will be disappointed to hear leading government figures ruling out the idea this morning. Given the huge investment taxpayers make in the banking sector, they have a right to expect more affordable services," concluded Senator Brown.