Green's demand finance industry summit into banking sector
Green's banking spokesperson Adam Bandt has called on the Federal Government to hold a finance sector job summit after the ANZ's decision to cut around 1,000 jobs.
The Federal member for Melbourne has demanded that a roundtable discussion take place between the four major banks and the Government to ensure "workers aren't being sacrificed for the sake of excessive profits".
"A thousand jobs in finance should be just as important as a thousand jobs in manufacturing," Bandt said.
"The banks are out of control, taking public support when times are tough and making huge profits, then slashing their workforce."
The Treasurer Wayne Swan needs to act on the inflexibility of Lenders Mortgage insurance by backing the Green's Banking and Consumer Credit Protection Amendment (Mobility and Flexibility) Act 2011. This would allow insurance to be refunded when customers switch banks and improve competition in the lending market, Bandt said.
Specifically, the bill has proposed that "on termination of a credit contract, any mortgage indemnity insurance contract relating to the contract is also terminated" and within 28 days of that termination the credit provider must "pay the debtor, or credit the debtor with, a rebate of premium paid under the contract".
AUTHOR
Andrew Tsanadis
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