The Greens in Palerang

Bandt to amend bank bill

Federal Member for Melbourne Adam Bandt said this week’s announcements of further record profits by the big banks also meant more needed to be done now to curb excessive profits and that he would amend his bank bill to ban fees for bank balance inquiries at ATMs.

The National Australia Bank’s announced a first half profit rise 15.9 % today following rises of 38% by the ANZ and Westpac earlier in the week.

“Since the global financial crisis when the Australian government backed the banks with a taxpayer guarantee, the big four banks have posted over
$40 million in after tax profits.

“These are enormous profits, yet the banks still claim to be doing it hard.

“Banning fees for ATM bank balances at foreign ATMs is one way the banks can be forced to return some of this largesse to consumers.

“There is no justification for charging fees for what is a minimal cost to the banks and is essential to consumers’ management of their money. Consumers get slugged twice. First for checking their balance then to withdraw money.

“More needs to be done to rein in the fees and charges levied by the banks on ordinary consumers. I am concerned that tomorrow’s Senate bank inquiry report will be another shrug of the shoulders in the face of these excessive profits.

Mr Bandt’s Banking Amendment (Delivering Essential Financial Services) Bill 2010 is currently before the House of Representatives and currently
caps fees for foreign ATMs at the real cost to the banks.

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Welcome to the website for the Greens in Palerang, who comprise the Braidwood Greens and some members of the Queanbeyan-Monaro Greens local groups. These groups run joint campaigns in the state seat of Monaro, and together with the Eurobodalla and Bega Greens groups, in the federal seat of Eden-Monaro.

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