Westpac joins growing chorus predicting rates cuts to come under PM
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Sorry, this video has expired Video: Kev우리카지노in Rudd urges support from the community on banking reform (ABC News)
Key points: Prime Minister Tony Abbott told the ABC he wants a banking system that «takes more responsibility»
He said any plan to change bank regulatory standards should be left to the next government
He rejected concerns banks could lose access to government funding, and instead said it should be up to the community to support a change
Prime Minister Tony Abbott has asked Parliament to consider a plan by the Bank of Australia (BoA) to increase customer protections to protect bank customers, as his Government continues to grapple with banking reforms.
Earlier, the BoA’s Governor Steve Grattan told the ABC a number of key questions have not been answered regarding the Government’s plans.
«Some will be answered, some will not,» he said.
He said the BoA would hold public discussion about whether or not changes could be made to the banking sector, and how they could help «strengthen the sustainability and growth of Australia’s financial system».
‘If it costs them anything, it doesn’t matter to them’
Prime Minister Tony Abbott told the ABC on Monday that it would be «good for all Australians to consider» the plans.
He said the Government did not intend to limit how much risk could be assumed on the creditworthiness of banks.
«We want a very strong banking system that takes more responsibility, as a community, for ensuring it does not take more risk than it is taking now,» Mr Abbott said.
«We don’t want to give more power to the banks to gamble with our money.»
He dismissed concerns in some quarters that the Government’s plans gospelhitzfor reform would result in losses for the bank sector, saying the costs «do not add up».
«If it’s all taken care of we wouldn’t need this proposal,» he said.
«We’re actually planning to raise $10 billion this fiscal year. This is less than what banks have raised in the past 10 years.»
He said the money would be used to help ban우리카지노ks improve customer protection and create incentives for them to increase deposit rates to encourage people to come forward.
«If it costs them anything — even if it’s just a bit — we’re all in favour,» Mr Abbott said.
«We could do it very easily if we wanted to.»
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