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TURNBULL FAILS AGAIN ON BANKS

04 Aug 2016


 

It is becoming clear that the Turnbull Government has neither the appetite or the ability to hold the banks to account for repeated misconduct.

It is time for a Royal Commission into the banking practices in Australia.

The Australian public rightly expect something to be done about the behaviour of the big four banks. We all know that the banks won’t cooperate willingly with an inquiry unless they are compelled. The best way to compel the banks to appear is with a Royal Commission.

Having come under increasing pressure over the Government’s inaction, Mr Turnbull is now trying to pass off a reference to a Liberal-run House of Representatives Economics Standing Committee as taking action.

Let’s be clear here, getting a committee dominated by the government to look into this is what you do when you want to be seen doing something but don’t want to upset your mates in the financial services sector.

 

Who could forget the farce in April with Scott Morrison suggesting that the regulator, ASIC, could manage the banks behaviour?

 

The banks behaved during an election campaign because they knew there was a risk of a Royal Commission if Labor won. Now that the Coalition Government has been returned they have gone back to bad behaviour.

 

The recent decision of the High Court – in which the Court found the penalties imposed by the banks were not unlawful - simply confirms that it is up to the law makers to ensure that the banking sector treats the community with fairness and respect. I have no confidence that outcome will be achieved under the current arrangement, or indeed, under the current Government.

 

The people who are suffering the most here are homeowners. They are the ones who lose money when the banks don’t pass on the full rate cut.

 

It’s time to take this issue seriously. Only a Royal Commission will ensure that the Western Australian homeowners get the answers they deserve.



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