Malcolm Roberts (Queensland, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

As a servant to the many different people in our one Queensland community, it's my duty to ensure that our constituents get a fair go. Customers of the big four Australian banks are not getting a fair go. The Commonwealth Bank announced a $10.2 billion annual profit made on the backs of the hard work of their customers and staff, who deserve better. While the banking superprofits tax will return some of that excess profit to taxpayers, my question is: how are the big four banks able to exploit their oligopoly power to deliver obscene profits?

One Nation, of course, supports the right of companies to invest money and receive a fair return on investment—a fair return. One Nation believes that free market competition is the answer to providing all Australians with wealth and prosperity. Australia does not have free market competition in many industries, including in banking. We have an oligopoly conspiring together to rip off as much money as they can from captive clients. That was evident in 2017, when I chaired the Senate Select Committee on Lending to Primary Production Customers. The committee heard evidence of inhuman banking behaviour that screwed their own customers, taking homes, livelihoods, equity and even cattle, to which the banks were not legally entitled. No compensation has ever been made, because good luck suing a bank. Banks are above the law.

The Senate inquiry into bank closures in regional Australia has heard evidence of banks acting in concert, if not collusion, to close branches, force customers online and prevent the use of cash, despite online banking not being available in areas where bank branches closes and not suiting customers' needs. Worse, banks have misled the committee regarding their future branch closure plans and misled the committee on the reasons for closures. The big four banks' behaviour is reprehensible. In the next sitting, I'll advance the debate regarding a proposal to stop banks further hollowing out the bush and forcing their customers into digital prison. Watch this space.