Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
House of Representatives, 31 May 2018
The misconduct of the nation's biggest banks that we have witnessed in the latest rounds of the banking royal commission is inexcusable. People have lost their homes, businesses and life savings. Customers have been charged fees for nothing, even after they died. Last night in Senate estimates we heard that more than 300,000 victims are owed $220 million and that ASIC expects that number only to grow. This is completely inexcusable. We also heard last night of APRA's view of the Commonwealth Bank—that the culture of the bank is one of arrogance and their risk management strategy is seriously deficient. Last night ASIC admitted they only became aware of the CBA charging dead customers fees and inappropriately activating children's bank accounts through the conduct of this royal commission—a royal commission that the government tried to stop happening, a royal commission that is only occurring because of Labor's pressure on this government.
The government's response to all of this though is to continue with its bank protection racket by reducing funding to ASIC and the Commonwealth Director of Public Prosecutions, failing to guarantee funding for the Serious Financial Crime Taskforce beyond next financial year and continuing to obfuscate on bigger penalties for banking misconduct. On top of that, we are also seeing this government reward the big banks with a $17 billion tax cut. Only Labor will continue the work to ensure that this royal commission delivers justice for those that have suffered at the misconduct of banks.