Banking and Finance

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.

Principles

The Australian Greens believe that:

  1. 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.
  2. A well-regulated, competitive and diverse financial sector serves the broader public interest. 
  3. The domination of the banking sector by a few major players in Australia is placing an unfair burden on the community.
  4. Retail banking fees are generally regressive and should be as transparent and low as possible.
  5. Where financial institutions are beneficiaries of government commitments to ensure the systemic stability of the financial system they should provide a transparent additional return to government revenue.
  6. The government has a role to ensure that people have access to impartial financial advice tailored to their circumstances.
  7. The banking and finance industry should serve the broader public interest by promoting financial stability, productive over speculative investment, social security and ecological sustainability.
  8. Publicly-owned financial institutions should form a key component of Australia’s banking sector.
  9. Financial institutions should be incentivised to play a key role in steering funds into more productive and sustainable long-term uses.
  10. All communities, including the most disadvantaged and remote, should have access to basic banking services on nationally comparable terms.
  11. Risks associated with an investment in financial instruments must be clearly disclosed.
  12. Australia should promote international cooperation to strengthen banking regulation in all countries and the oversight of cross-border banking groups.
  13. Capital controls should be used to prevent capital flight and speculative foreign investment cycles.
  14. The definitions of Green and Sustainable Finance should be regulated by governments in a manner which emphasises ecological sustainability, peace and non-violence, grassroots democracy, and social justice.

Aims

The Australian Greens want:

  1. To require banks and other financial institutions that are beneficiaries of express or implied government guarantees to contribute to a financial stability fund in recognition of the support that they receive.
  2. To minimise ATM and other access fees, so that banks do not profit from people accessing their own money.
  3. 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.
  4. Ensure monetary policy decisions are made by people more representative of the community and that they are accountable to the elected government and parliament.                        
  5. Effective regulatory supervision to enforce prudential regulation for Australian banks, and other financial institutions.
  6. Prudential regulation to be strengthened to ensure effective transparency and reduction of systemic risk.
  7. To implement reforms designed to ensure that the culture within financial institutions does not lead to excessive risk-taking behaviour or otherwise create a risk to financial stability.
  8. An effective international regulatory regime for banking to ensure system stability.
  9. The Australian government to implement programs to improve Australians’ financial literacy and finance sector participation.
  10. To establish a public superannuation fund based on ethical investment principles that is accessible to all Australians.
  11. The establishment of a publicly-owned bank.
  12. To promote competition in the banking sector and provide support for not-for-profit organisations such as credit unions and building societies.
  13. Regulation of financial advice services to ensure impartiality, transparency and protection of consumer interests.
  14. The size and scope of financial institutions to be regulated to protect consumers, reduce market concentration, and reduce systemic risk.
  15. That government, communities and other banking organisations encourage and support First Nations owned and operated financial institutions in Australia

(Banking and Finance policy as amended by National Conference June 2023)