Greens' banking spokesperson Adam Bandt called on the Treasurer to hold a finance sector job summit in the wake of ANZ's announcement today to cut a thousand jobs.

Mr Bandt also called on Treasurer Swan to act on Lenders Mortgage Insurance after he acknowledged that it was a barrier to competition. He called on the Treasurer to back the Green's bill allowing insurance to be refunded when customers switch banks.

"A thousand jobs in finance should be just as important as a thousand jobs in manufacturing," Mr 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 should hold a finance sector summit, get the banks around a table and work out a plan to ensure that workers aren't being sacrificed for the sake of excessive profits."

"If the Treasurer wants to do something about Lenders Mortgage Insurance he should back my banking mobility bill," Mr Bandt said.

"Making Lenders Mortgage Insurance refundable will allow bank customers to look for a better deal and improve banking competition."

"Mr Swan adopted our policy on exit fees. I hope he does the same on Lenders Mortgage Insurance."

Greens MP and banking spokesperson Adam Bandt has warned the banks against increasing rates following the RBA decision to keep rates on hold.

Mr Bandt says the banks would break their social contract with the Australian public and that he will move ahead with legislation to rein in the banks.

"If the ANZ or other banks hike their rates they risk breaking their social contract with the Australian people."

"The Treasurer should get behind the Greens' legislation for banks to provide mortgages that track RBA rates."

"The banks should no longer expect the Australian public and government to generously back them in a crisis unless they give something back."

"The IMF has said banks could pay a "too-big-to-fail" levy in return for deposit and funding guarantees, and we agree."

Australia's banks are some of the world's most profitable but they still cry poor, Greens MP and banking spokesperson Adam Bandt said today.

Responding to complaints by bank industry leaders, Mr Bandt said banks should not expect future government support in a downturn if they were neither prepared to pass on interest rate cuts nor willing to accept improved regulation.

"The big four made in excess of $25 billion last year. They are some of the most profitable in the world but they still cry poor," Mr Bandt said.

"They should be passing on any RBA cut announced next week."

"The banks assume the government will step in and bail them out because they're ‘too big to fail' so they resist stronger capital requirements."

"The banks complain about the cost of international funding, but happily accept the cheaper funds they get from lenders who expect the government will bail the bankers out if they ever get into trouble."

"With big banks just as profitable as before the GFC and increasingly less reliant on international funding, it's time they stopped crying poor."

"The government needs to stare down the banks. They certainly shouldn't go ahead with big business tax cuts that will net the big banks another $4 billion over the decade."

Greens MP Adam Bandt says he will test support for the establishment of a new sovereign wealth fund when Parliament resumes next year.

Mr Bandt says there is growing support inside the old parties for a new sovereign wealth fund. He wants use the opportunity provided by the current Parliament to take the first steps next year towards establishing a new fund.

"Establishing a sovereign wealth fund is the next big step in economic reform," Mr Bandt said.

"We are selling off our resources without putting any aside for a rainy day or a post-mining boom economy."

"We are squandering a once in a lifetime opportunity to set the country up for the future."

"A new fund could be another important economic stabiliser and provide the country protection from overheating or a future economic downturn."

"A new sovereign wealth fund could provide for the country's future infrastructure needs."

"At least 36 countries in the world now have sovereign wealth funds and a Productivity Commission review will assist us in establishing the best way for Australia, including any changes to the existing Future Fund."

The motion reads:

That the House:

1) resolves that a new Australian sovereign wealth fund should be established; and

2) calls on the Treasurer to present a report from the Productivity Commission detailing options as to:
* how the fund should be established;
* the fund's revenue and expenditure;
* the fund's objects and governance structures; and
* any other relevant matters.

This report should be presented to the House no later than 26 October 2012.