In the midst of a housing crisis, the big banks' obscene profits have been taken directly out of the pockets of mortgagees and renters.
The CBA has reported a mammoth $5.4b profit in its half-year results and the ANZ's profit rose to $1.94b in its first quarter, as mortgages rise, with the average mortgage up $70,000 over the last 12 months.
The Greens say Labor cares more about the profits of the banks than it does about first-home buyers.
As stated by Greens spokesperson for Finance, Housing and Homelessness Senator Barbara Pocock:
"In the midst of a housing crisis it's clear who the winners are - the big banks and wealthy property hoarders.
"The big banks are profiting off rising house prices and increased mortgages, while homeowners struggle in the face of rising interest rates.
"Labor's policies - such as the 5% deposit scheme and the $181b tax breaks for property hoarders, is adding fuel to the fire, driving up house prices while the banks take all the profit.
"It's clear who the government is working for and it's not renters or first-home buyers - it's the banks and wealthy property investors.
"Without tackling the root causes of the housing crisis - which are the tax breaks for wealthy property hoarders and the lack of social and affordable housing - house prices will continue to spike, and banks will continue to rake in the profits."
As stated by Greens spokesperson for Economic Justice Senator Nick McKim:
"This is the story of the last few years in a nutshell - misery for mortgage holders and renters and obscene profits for the banking corporations.
"The banks have been let loose by a hands off government and an RBA that only has one lever to pull.
"Labor needs to get serious about tackling inflation as well as the corporate price gouging that is causing it."
