Turnbull Under the Thumb of Which Bank?

27 July 2018

The countrys biggest bank has proven they call the shots with the Australian Government.

More astonishing revelations were made this week in the Banking Royal Commission exposing that The Commonwealth Bank delayed refunds for customers in order to prevent probing questions at last years inquiry into the big banks.

This is yet another example of the Turnbull Government allowing their mates in the financial industry to continue to rip money out of the pockets of pensioners and families.

An internal email revealed in the Royal Commission states Can we make this all happen (letters and actual refunds) after the House of Reps hearing on 7 March in order to Eliminate the chance of this being brought up in the hearings.

Malcolm Turnbull established the Parliamentary Inquiry to avoid a Royal Commission and this revelation shows how inappropriate his alternate was, subject to manipulation by the banks.

Worse, not only were about 2,700 customers charged double interest on business overdrafts, they had their refunds delayed.

These people had been waiting for their refunds, millions of dollars, for more than two and a half years, yet CBA delayed this for a further two weeks to avoid public scrutiny.

The Commonwealth Bank were more focused on how they will be perceived in the public eye than doing the right thing by customers.

This is further evidence that the Liberal Government is all bark and no bite when it comes to enforcing white collar crime, allowing the big banks to determine the line of questioning in what should have been an independent inquiry.

After vowing to throw the book at the big banks following the Royal Commission this revelation is further evidence the Turnbull Government clearly never cared about holding the financial sector to account.

Labor will continue to work to ensure the Royal Commission delivers justice to those who have suffered because of the misconduct in the banking and financial services sector.