Joe Hockey Must End Big Banks $4.5bn Taxpayer Subsidy: Bandt

“Joe Hockey has been given another option today to balance the budget fairly without asking students to go into a six-figure debt,” said Deputy Greens Leader and Finance spokesperson.

“The Customer Owned Banking Association has revealed that Australians are giving the big banks $4.5bn every year by underwriting their ‘too big to fail’ status.

“The Abbott Government is forcing taxpayers to financially guarantee the big banks so that if they fall over we have to pay for the cost.

“This allows them to make world-leading profits, thanks to this $4.5 billion annual subsidy.

“If the age of entitlement truly is over, then that should apply to the big banks too.

“The Greens are confident that most Australians would prefer the big banks to pay their fair share, rather than pensioners have their pensions cut or ill people forced to pay twice for Medicare,” said Mr Bandt.