bank profits

The first-ever major report looking into the secretive workings of the Big Four accountancy firms that assist individuals and companies to evade taxes has been released by members of European Parliament from the European United Left-Nordic Green Left (GUE/NGL) who sit on the European Parliament’s Panama Papers inquiry committee.

The study analyses the size, scope and location of the activities of the Big Four accounting firms. Its findings include that these firms are heavily over-represented in tax havens when compared with the population size and GDP, where they make exceptional profits.

Complaints by conservative commentators that Treasurer Scott Morrison and Prime Minister Malcolm Turnbull have delivered a “” show how low expectations are that any federal government in Australia will deliver a budget aiming to advance genuine social justice in this country.

The federal government's much-vaunted parliamentary inquiry into the banking system was correctly called "a farce" by Labor MP Pat Conroy on October 4, the first day of a three-day hearing in Canberra. Conroy said: "I have two days of questions here" but no time to ask them.

The inquiry was an attempt by the government to deflect growing calls for a royal commission into the banking system.

Subscribe to bank profits