As a result of the growing disappointment of Australians with banks a new party may soon have a representative in the government. Members of Unhappy Banking have formed the Bank Reform Party, a political party which was formed to contest in the next federal election.
Once the group has 500 formal members, it will register in the Australian Electoral Commission. The proposed political group aims to, “reform the banks and the legal system to protect Australians from greedy and unfair banks.”
The political party is made up of dissatisfied bank clients and former staff and is headed by Former BankWest head of media, Mr. Adrian Bradley. Bradley shared that consistent survey results revealed that most Australians want banks to be more accountable.
In a statement Bradley said, “We saw the banks’ arrogance again last week when they thumbed their nose at the RBA’s 50 basis point cut. The ALP and Coalition are out of step with the Australian community’s expectations on the need to reform our banks.”
In their website the group stated, ”We want a fair and just society where we are all accountable, and this must extend to our banks and other institutions.”
The group declare that they are NOT bank bashers! The statement in their website states, “We know Australian banks are the lifeblood of the Australian economy. Australia and all Australians urgently need STRONG banks. But we also urgently need banks to be FAIR! Yet the banks seem to think it’s impossible for them to be strong while also being fair and accountable. We believe our banks urgently need better and possibly more regulation to be fairer, and more accountable to ALL Australians. We do not want to over-regulate anyone, as a principal we support less regulation, but not at the cost of fairness to the wider Australian community. At the very least, we believe most Australians agree banks need to be regulated to stop gouging on interest rates!”
The group also shared how they are sick of the banks saying, “what’s good for the banks is good for Australia,” and with “how banks keep telling us all to keep out of banking, yet as soon as they get into trouble they are the first ones demanding assistance.”
A fundamental of their plans is regulating banks and have them follow RBA’s cash rate moves, enforce new and tougher anti-predatory lending practices, enforce greater transparency on fees and charges, examine greater competition, give more support for non-bank lenders and legislating a cap on excessive bank bonuses and executive salaries.
I have a feeling that mortgage brokers may become major supporters of the new party 😉