Media Release

Member for Kennedy Bob Katter has joined with his fellow crossbenchers to support major reform of banking fees charges.

Mr Katter, fellow independents Andrew Wilkie, Rob Oakeshott and Tony Windsor and Nationals crossbencher Tony Crook have publicly backed a motion by Green MP Adam Bandt.

“With the Greens, I’m at the North Pole and they’re at the South Pole – but I’m not going to let ideology or party politics lead me to vote against something I’ve got to say is simple, real and tangible.

“There was a unified position by the crossbenchers and also a decision that we would be adding, with time, a more comprehensive and all-encompassing approach.

“The American banks, when they sell up somebody’s house, get the proceeds of the sale and that’s all they get.
“They can’t go after the individual for any shortfall between what has been loaned and proceeds from the sale of the house.

“Young, naïve couples starting out in the work force don’t have a good idea of money, how much they can afford in repayments. The banks do – and, at the very least, the banks should share some of the responsibility for a loan that goes bad.

“In NSW, there is a mandatory process before foreclosure and the selling up of people and their assets.

“Now, they are just two ideas that we should be looking at. We’ve framed up some legislation now but we will have some crystallisation over the recess.”

Mr Katter added that the salaries paid to bank CEOs needed to be addressed.

“Fifteen years ago, every bank CEO was on less than $750,000. Now they have over $7.5million,” he said.

“I do not blame the banks; I do not blame the CEOs – you’d be a mug not to take it if it’s there. It’s the government’s fault if we are failing to assert a more prudential regime.”