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Economy
Greens move for ban on bank ATM fees
The Australian Greens will move to amend trade practice laws to ban Australian banks from charging $2 fees for non-customers to use Automatic Teller Machines (ATMs).
Announcing the policy in Devonport, Tasmania, Australian Greens Leader Bob Brown noted that Braddon is one of Australia's most economically disadvantaged electorates.
"Major banks should be banned from charging non-customers $2 every time they want to access their own money," said Senator Bob Brown
"It's a regressive private tax - that is, it hits the poorest people hardest.
"Australia's major banks all posted multi-billion dollar profits last year and they do not need to charge the approximately $680 million they made from ATM fees.
Greens will challenge Rudd on ‘obscene’ CEO pay
The government's gushy welcome to the Productivity Commission's watered-down recommendations on ‘obscene' executive remuneration will have champagne corks popping again at the big end of town, Australian Greens Leader Bob Brown said in Hobart today.
"However shareholders' powers to curb multi-million dollar wage grabs for executives have been dramatically reduced from the Commission's earlier report. The result will be that the greed factor found in parts of the corporate sector will continue to flourish," Senator Brown said.
"The Greens will move to amend the government's legislation when it comes to the Senate. We will put in measures for a five million dollar cap on executive remuneration and to empower shareholders as in the Commission's earlier report.
Financial Regulation and the Tobin Tax
In September in the NSW Legislative Council, I spoke about financial regulation both at home and abroad in the wake of the global financial crisis. I criticised Prime Minister Kevin Rudd for his heavy handed use of tens of thousands of words to slash wildly at 'corporate cowboys' and 'stopping capitalism from canibalising itself', while laying out absolutely no concrete reforms which might stop such a crisis from occurring again.
Greens move for Senate inquiry into RBA subsidiaries
Greens Leader Bob Brown will move for the Senate Economics References Committee to enquire into allegations of impropriety by Reserve Bank of Australia subsidiaries Securency and Note Printing Australia when sittings resume on 26 October.
Senator Brown's motion will read:
That the following matters be referred to the Senate Economics References Committee for inquiry and report by 26 November.
Regarding the Reserve Bank of Australia subsidiaries Note Printing Australia and Securency:
a. Allegations of payments to overseas agents into offshore tax havens and corruption in securing note printing contracts and what the Reserve Bank, Austrade and the Australian Government knew about the alleged behaviour.
b. What due diligence was applied and what investigations were conducted into the allegations.
c. What action has been taken to press charges against past and
existing overseas agents?
Greens release options paper for defined action on executive salaries
The Australian Greens have today released an options paper for government action on ‘obscene' executive remuneration.
"In view of the expected release of the Productivity Commission report, the Greens are putting forward a suite of defined options to curb the most ‘obscene' executive pay packages," Australian Greens Leader Bob Brown said.
"The Prime Minister has repeatedly condemned greedier pay packages as ‘obscene' but just as frequently failed to take any action."
Coalition Senators taken to task over Senate hearing delay
Australian Greens Leader Bob Brown says that the Coalition Senators who have used their majority on the Senate Economics Committee to delay hearing from Treasury Secretary Ken Henry on the $42 billion stimulus package have failed in their obligation to Australia.
"I moved to set up this committee hearing specifically for the Senate to question Mr Henry as the Turnbull opposition was escalating their opposition to the stimulus. But the opposition has allowed or engineered a month delay - and so there is a huge if unquantified spending with no checks or comment from Treasury available to the public."
Greens move to increase shareholder control over executive pay
The Greens will move amendments to the Corporations Amendment (Improving Accountability on Termination Payments) Bill to give shareholders a greater say over executive pay.
"The government has, under pressure from the big end of town, watered down its own legislation. The Greens will rectify this with amendments to restore measures in the original exposure draft bill which ensure shareholders can vote on the performance of their CEO," Australian Greens Leader Bob Brown said.
"The legislation before Parliament gives shareholders only minimal say over termination pay in limited circumstances. The Greens believe that shareholders should have a stronger say in all remuneration matters to put an end to the excesses we have seen over recent years."
Green jobs plan a win for Greens but CPRS will slam the door on those jobs
Prime Minister Rudd's recognition today of the jobs-rich green future is a testament to the work of the Greens, but the Continue Polluting Regardless Scheme will ensure those jobs are not created, the Australian Greens said today.
The Greens particularly welcome the Government's adoption of the Local Green Jobs plan, originally negotiated by the Greens as part of the stimulus package in February this year. The Greens have also consistently called for skills and training packages for electricians, plumbers, builders and all others who will build the zero carbon Australia.
"Mr Rudd seems to be trying to take a step into the future with this green jobs plan, and that is welcome, but he has leg-roped himself to the past with the CPRS," Australian Greens Deputy Leader, Senator Christine Milne, said.
"Green jobs need a real green economy to grow in; they cannot and will not thrive in a coal-black economy.
Swan should initiate Bank Inquiry - Greens
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."
Christine Milne - Speech to National Press Club
Thank you for your warm welcome. I begin by acknowledging the Ngunnawal people, the traditional owners of the land.
Gandhi once said, "The difference between what we do and what we are capable of doing would suffice to solve most of the world's problems."
We have reached a point in human history where 'what we do' on this planet imperils our survival. Now is the moment to re-imagine and reconsider 'what we are capable of doing'.
As Kofi Annan said recently, "The world is at a crossroads. [The Copenhagen] negotiators [must] come to the most ambitious agreement ever negotiated or continue to accept mass starvation, mass sickness and mass migration on an ever growing scale. Weak leadership," he said, "is failing humanity."
So what is stopping us from achieving what we are capable of, of reaching 'the most ambitious agreement ever negotiated'?
