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Thursday, 14 November 2002
Page: 6321

To the Honourable the President and members of the Senate in Parliament assembled:

The petition of the undersigned citizens of Australia draws to the attention of the Senate the need for a Joint Select Committee of Parliament to investigate and inquire into banking industry to ascertain whether the banks have been guilty of unconscionable conduct in respect to the following matters:

1. Simultaneous settings of the same interest rates by the banks.

2. The size of the margins between lending and borrowing rates charged by the banks.

3. The banks writing off legal fees against assessable income.

4. The associations between members of the judiciary and the banking industry.

5. The banks' onslaught and devastation caused in rural Australia.

6. Banks' overseas loans fracas.

7. The banks' paying tax and compliance with ATO provisions.

8. Community interests and banking closures.

9. Unregulated bank charges.

10. Banks' tax write-off of client debts while simultaneously suing clients for the total debt without deduction of tax benefits.

11. Banks' high cost of litigation recouped from borrowers.

12. The link of the banking industry and the Banking Ombudsman.

13. The failure of the Banking Code of Practice.

14. Fairness of banking contracts because of the banks' take it or leave it position.

15. Interest rate fixing.

16. Hidden Charges.

17. Excessive executive salaries, fringe benefits, bonuses etc.

18. Fractional Reserve Banking.

by Senator Murray (from 526 citizens).