As Banks rip off Customers, Turnbull hands them $17 Billion

The Banking Royal Commission has continued to reveal more shocking misconduct from the big banks to their customers – with further evidence this week that the banks are preying on the vulnerable to boost their profits.

This week the Commission heard a blind pensioner was almost evicted from her home after going guarantor on her daughter’s business while another customer was granted a loan they were unlikely to ever be able to repay.

Every day, the stories that come out of the Royal Commission show just how damaging the Government’s failure to act on this for so long was.

The fact that the banks must not act unconscionably is one of the most basic principles in their operations. It is disgraceful to think that anyone would seek a business advantage from language difficulties or limited financial understanding

The Treasurer yesterday said the stories we are hearing in the Royal Commission are “terrible” and “heartbreaking” – but he’s still giving them a $17 billion tax handout.

This Government continues to put their big business mates ahead of working Australians.

This week the Royal Commission has shown Banks have not learnt their lesson, a lesson that should have been learnt more than three decades ago when the principle of “unconscionable conduct” was established in the Commonwealth vs Amadio case.

According to the Treasurer, breaking decades old obligation requires a ‘cautious’ response. [2GB, 23 May 2018]

Labor will continue to work to ensure the Royal Commission delivers justice to the pensioners, families and small businesses that have suffered because of the misconduct in the banking and financial services sector. But it’s clearer than ever that these big banks do not deserve a $17 billion tax handout.