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ANZ job cuts mean Treasurer should call Finance Industry Summit: Bandt

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."

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