Banking is not what it used to be. In the digital and deregulated age, it has become bigger, faster and omnipresent. Money can be moved almost anywhere and at any time of any day. Compulsory superannuation has given everyone a stake in the market. Financial advice has become a mainstream service.
The new world of banking offers a range of opportunities to consumers. But it also presents new problems. The global financial crisis (GFC) demonstrated how incredibly complicated and interwoven markets have become, and the scale of the problems that this can cause. The Greens recognise that banks provide an essential service. But they have also become too powerful and too greedy.