The Australian Greens believe that:
- Australia’s banking sector is among the most concentrated in the world, and requires Government intervention to ensure this does not harm the community, customers or taxpayers.
- A well-regulated, competitive and diverse banking sector serves the broader public interest and the economy.
- The oligopoly that dominates the banking sector in Australia is placing an unfair burden on the community, customers and taxpayers.
- Retail banking fees are generally regressive and should be as transparent and low as possible.
- Where banks are beneficiaries of government commitments to ensure the systemic stability of the financial system they should provide a transparent additional return to government revenue.
- The Government has a role to ensure that people are given access to impartial financial advice.
- The banking and finance industry should serve the broader public interest by promoting financial stability, productive over speculative investment, social security and ecological sustainability.
- Publicly owned financial institutions could play a key role in steering funds into more productive and sustainable long-term uses.
- All communities, including the most disadvantaged and remote, should have access to basic banking services.
- Risk embedded in financial instruments must be transparent.
- Australia should promote international cooperation to strengthen banking regulation in all countries.
The Australian Greens want:
- To require banks to make a greater contribution to the public purse, through taxes and levies reflecting the government assistance they receive.
- Transferring savings and credit accounts between financial institutions to be made easy with any charges being minimal and fully transparent to consumers.
- To minimise ATM and other access fees, so that banks do not profit from people accessing their own money.
- To encourage or require lenders to provide suitable financial instruments for the establishment of long term finance for projects that will have a positive social, economic and environmental benefit.
- To require proper regulatory oversight to enforce stringent capital rules for Australian banks and other financial institutions.
- Prudential regulation to be strengthened to ensure greater transparency and reduction of systemic risk.
- A stronger international regulatory regime for banking to ensure system stability.
- The Australian government to implement programs to improve Australians’ financial literacy.
- Regulation of financial advice services to ensure impartiality, transparency and protection of consumer interests.