2023-02-01
Donations data released today shows how banks were able to bribe their way out of big fines for the malpractice of their executives, the Greens say.
“The major banks donated $400,000 to the Labor Party to help get them elected. In return Labor reneged on an agreement with the Greens to impose million dollar fines on dodgy bankers,” Greens Economic Justice spokesperson Senator Nick McKim said.
"This is nothing less than institutionalised bribery."
“This money induced Labor to do exactly what they were told by the banks when they walked away from civil penalties for bank executives who fail to meet the accountability obligations.”
“This is a fantastic return on investment for bankers. They invest their shareholders' money into political donations which pays off in Labor walking away from million dollar fines for bank executives.”
“Unlike Labor and the Coalition, the Greens did not receive a red penny from the banks, and we are not afraid to hold them to account.”
“We need to put big fines on the books and impose them to hold bankers personally accountable when they fail to protect their customers.”