MATT KEOGH HOSTS WA's FIRST BANKING ROYAL COMMISSION ROUND TABLE
Today I hosted the first of WA’s Banking Royal Commission Roundtables to give victims of banking misconduct a voice.
I heard from farmers who were basically screwed over by their banks, I’ve heard from small business owners, I’ve heard from people who went to borrow money from their bank who then suffered financial hardship and in the end lost everything.
I’ve heard today from victims of domestic violence, whose former partners took financial advantage of them. That was facilitated by our banks. Our banks did nothing to help and that’s left these victims in financial ruin.
These are just some of the stories that involve banking misconduct here in Perth and it’s why Labor called for so long for there to be a Banking Royal Commission.
Scott Morrison voted against a Banking Royal Commission over 20 times. The Government held off the Royal Commission for more than 600 days and when they finally saw the light they gave the Royal Commission only one year to do its work.
That one year has meant only 27 real world examples were presented at the Royal Commission hearings, leaving over 9,000 stories untold.
The Royal Commission didn’t even make it to Perth to hear evidence.
I held todays forum because I want to hear from the real people affected by bank conduct. These hearings mean Labor can hear these real world stories of how banking rip offs have ruined people’s lives.
It’s been important to hear these stories because we want to make the right policy decisions so we can hold the banks and their executives to account in future, so we can ensure misconduct like this can never happen again.
We need bank victims to help us clean up this sector. Bank victims deserve a seat at the table because their stories deserve to be heard and their feedback taken.
I will continue to fight for victims to have their say, and will do everything I can to protect Australian businesses and consumers from this appalling misconduct.