Greens Economic Justice spokesperson, Senator Nick McKim, responded to reports today that the government will loosen lending standards and relieve the banks of responsibility for determining a customer\u2019s loan capacity to service a loan.
\n\u201cToday\u2019s announcement shows exactly where this government\u2019s allegiances lie,” Senator McKim said.
\n\u201cThe day after Westpac received the largest corporate penalty in Australian history, the government is changing the rules to benefit the banks.”
\n\u201cLooser lending standards will result in higher profits, higher dividends, and more money to flowing into the most overpriced housing in the world.”
\n\u201cThis will perpetuate the cycle of high household indebtedness, falling home ownership, and greater financial instability.”
\n\u201cThis is not the pathway to recovery.”
\n\u201cWe\u2019ve just had a Royal Commission that showed the banks’ blatant disregard for the welfare of consumers and their willingness to engage in unlawful and predatory lending.
\n\u201cAnd what\u2019s this government\u2019s response? Instead of making the banks abide by the law, they\u2019re changing the law to abide by the banks.”
\n\u201cSwitching the onus of evaluating loan serviceability onto customers will mean the banks shove money down the throat of anyone with a heartbeat.”
\n\u201cThis is foie gras for banking.”
\n\u201cI am hopeful that the Senate crossbench will join the Greens in opposing the overturning of the National Consumer Credit Protection Act.”
\n\u201cSo I ask Labor today: Whose side are your on? Consumers or the banks? The real economy or real estate speculation?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Greens Economic Justice spokesperson, Senator Nick McKim, responded to reports today that the government will loosen lending standards and relieve the banks of responsibility for determining a customer\u2019s loan capacity to service a loan. \u201cToday\u2019s announcement shows exactly where this government\u2019s allegiances lie,” Senator McKim said. \u201cThe day after Westpac received the largest corporate penalty … Continue reading “Lending changes are foie gras for banking”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-8385","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/8385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=8385"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/8385\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=8385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=8385"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=8385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}