Take big stick to banks: Swan
ALP national president and former treasurer Wayne Swan wants Scott Morrison’s ‘big stick’ powers aimed at breaking up energy companies to be applied to the banking ‘cartel’. Declaring the financial services royal commission a failure, Mr Swan said competition problems in banking were similar to those in the energy sector. ‘With energy the problems are government-created, whereas in banking the problems are caused by the abject greed of the banks themselves’, he said. ‘The government is carrying on about ‘big sticks’ but where is one when you need it?’
Less emotional Labor members are calling for a shift to the centre…
Mr Swan’s push for a new round of regulatory action against the banks comes as senior Labor figures — including Treasury spokesman Jim Chalmers and NSW Right frontbenchers Joel Fitzgibbon and Michelle Rowland — call for the party to reclaim the political centre, including dumping the tax-and-spend polices that Labor took to the May election.
Deputy leader Richard Marles this week said the party should ‘stake out the political centre’ and offer ‘hope rather than handouts’ in a bid to appeal to the working-class and aspirational voters that deserted it.
Source: The Australian
His position is closer to the Greens:
2013: “Greens call for super tax on big four banks”