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Qantas cuts mean Fair Work Act must change: Bandt

Greens MP and industry and employment spokesperson Adam Bandt has said Qantas decision to cut jobs was made possible by Australia's unfair industrial relations laws. Qantas used an industrial atom bomb last year to avoid bargaining over job security by maintenance workers, Mr Bandt said.

Mr Bandt said his bill to amend the Fair Work Act would make job security an object of the Fair Work Act and limit employers' ability to use lockouts as a legal tactic.

"Qantas is continuing its off-shoring plan", Mr Bandt said.

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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.

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ANZ decision a slap in public's face: Bandt

Greens MP Adam Bandt has criticised the ANZ Bank for hiking its loan rates by 6 basis points in defiance of the Reserve Bank decision to keep interest rates on hold.

Mr Bandt said the big banks were breaking their social contract with the Australian people.

Mr Bandt said the decision was also serious challenge to monetary policy at a time when the economy is facing serious challenges from the global situation.

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Bank rate rises would break social contract: Bandt

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."

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Greens bill would rein in banks: Bandt

Greens MP and banking spokesperson Adam Bandt says the big banks are preparing the ground to avoid passing on RBA interest rate cuts in full.

Mr Bandt says the banks have been running a misleading campaign about their cost of funding when RBA data shows their exposure to international funding has decreased.

He says that he will bring legislation before Parliament to require banks to offer mortgages that will pass on any RBA interest rate cuts in full.

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Banks crying poor: Bandt

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.

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Car industry assistance needs to drive change: Bandt

Greens MP and industry spokesperson, Adam Bandt, says future assistance to the car industry needs to drive innovation and a shift to electric vehicles if an Australian car industry is to survive.

Minister Carr and car companies can't just blame the high dollar for job cuts. They must take responsibility for their failure to adapt to the new market.

"The car industry needs to go green if it is to survive," Mr Bandt said.

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Bandt to test support for new sovereign wealth fund

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.

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Greens to peg loans to RBA rate

Greens MP and banking spokesperson, Adam Bandt, said he will introduce legislation requiring banks to offer mortgages and small business loans that will pass on in full any Reserve Bank rate cut.

"Banks should be required to offer mortgages and small business loans that only go up and down when the Reserve Bank changes its interest rate" he said.

"By requiring the banks to pass on any Reserve Bank rate cut in full, and by capping any rise at the same amount set by the RBA, we will limit excessive profiteering and ensure Australians get a better deal."

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