The Government’s decision to drop provisions for million dollar fines for bankers who cheat their customers shows the major banks have bought a political outcome through donations to the Labor Party, the Greens say.
“Labor is trying to create a financial accountability regime that does not hold bankers accountable,” Greens Economic Justice spokesperson Senator Nick McKim said.
“This is contrary to the agreement they struck with the Greens, and it shows that the banks have bought an outcome with $400,000 in donations to the Labor Party in the lead up to the 2022 election.”
“Clearly Labor cares more about donations than they do about integrity.”
“Late last year, Minister Jones used the fig leaf of small mutuals and customer owned banks as an excuse for reneging on their deal.”
“But now we learned that was just more nonsense and they have no intention to fine any bankers at all.”
“The Greens will be moving amendments in the House and the Senate to include civil penalties of up to $1.1 million for executives who breach their accountability obligations.”
Donations to the ALP in the 2021-22 Financial Year:
- Westpac: $115,000
- ANZ:$ 50,000
- CBA:$ 80,400
- NAB:$ 60,500
- Macquarie: $96,000