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Category: Federal Government / Banking / Royal Commissions / Bill Shorten

Labor takes aim at big banks, promising royal commission

Friday, 8 Apr 2016 11:42:44 | Anna Henderson

Bill Shorten says the Government should also commit to a royal commission. (ABC News: Nick Haggarty)

Federal Opposition Leader Bill Shorten has announced an incoming Labor government would hold a royal commission into misconduct in the banking and financial services industry.

Key points:

  • Bill Shorten says "the string of scandals" in bank industry has to stop
  • Turnbull Government urged by Shorten to also commit to royal commission
  • MPs John Williams and Warren Entsch also support inquiry
  • Scott Morrison stands by ASIC as a "tough cop on the beat"

Mr Shorten said shadow cabinet has endorsed the move, and the decision has not been "made lightly".

Labor has called on the Turnbull Government to make the same commitment.

"Many Australians have suffered through the decisions of banks and financial institutions," Mr Shorten said.

"Retirees who have lost their retirement savings, small businesses who have lost their livelihood, Australian families who have lost hundreds of thousands of dollars, life insurance beneficiaries, denied justice and legitimate claims.

"There are literally tens of thousands of victims, if not more.

"Today I say enough is enough. This string of scandals has to stop."

External Link: Bill Shorten announces royal commission under Labor

A number of Government backbenchers have called for a similar inquiry.

Nationals MP John Williams has long advocated for a royal commission. He said he hoped Mr Shorten's announcement would increase pressure on the Government to act.

He said the lack of willingness from his colleagues so far had been a disappointment.

Yesterday Coalition MP Warren Entsch said a royal commission was critical to stop "bastard practices" by the banks.

Federal Treasurer Scott Morrison had earlier branded a public inquiry a "reckless distraction" from debate about union corruption and the introduction of the Australian Building and Construction Commission (ABCC).

"For Bill Shorten to go down this path, I think it is a reckless distraction that puts at risk confidence in the banking system," Mr Morrison said.

Mr Morrison conceded while there were issues to be addressed within the financial sector, the Australian Securities and Investments Commission (ASIC) was a "tough cop on the beat".

He also warned about the message it could send to the international community.

AustraliaPlus


 

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