royal commission into banking industry

Coalition Endeavours to Show Positives from Royal Commission

The Banking Royal Commission has created mass uncertainty and a lack of faith in Australia’s Big Four banks, as has been reflected in their faltering share prices.

And this is entirely understandable, for the royal commission did uncover a lot of fraudulent practices with customer’s entrusted money.

The final commission report will be given to the federal government today. Next week, it is set to be released to the general public.

Before this, however, Treasurer Josh Frydenberg — on behalf of the government — seeks to send out a response on the report that will aim at restoring public faith in banks, as well as preventing a credit squeeze.

In a brand new The Australian Tribune report, Phil Anderson reveals a rather odd way to boost national wealth WITHOUT hiking taxes…click below to learn more.

Frydenberg to give an encouraging report

Financial services royal commissioner Kenneth Hayne QC is responsible for delivering the report to Governor-General Sir Peter Cosgrove in Canberra.

As AAP reports, Bureaucrats will then work to the bone in preparation for Frydenberg’s release of his findings. These are due on Monday at 4:10pm, just after the Australian Stock Exchange ceases trading for the day.

In it will be words of encouragement as to the positive change this royal commission has brought to our banking sector.

Frydenberg says maintaining free flow of credit from lenders ‘is critical to the health of the Australian economy’ as the coalition deals with which of the report’s recommendations to act upon.

He told The Australian Financial Review that if the Australian public ‘become afraid to lend simply because the consequences of making a loan that goes bad, our economy will suffer.

It’s all about getting the balance right, that is what is important to setting up the regulatory framework.’

Bowen calls it a cover up

Prime Minister Scott Morrison seems to be sharing Frydenberg’s sentiment, telling both The Sydney Morning Herald and The Age:

I will be very mindful that I want to see the oil that lubricates our financial system — which is access to credit — continues to flow, otherwise the consequences would be quite significant.’

But Shadow Treasurer Chris Bowen doesn’t agree with this positive spin, believing there is no room to forgive bad conduct or criminality.

As he told AAP, Bowen insists that Frydenberg just ‘wants to deny Australians the right to see the final report’ in order to hide Morrison’s ‘mismanaged banking policy’, noting that Mr Morrison voted dozens of times against a royal commission.

But, as Frydenberg also pointed out, it is exactly this type of scepticism that the Coalition is seeking to alleviate with the treasurer’s findings report:

Trust is at the core of our financial system and, as we’ve seen, once it’s lost, it’s not easily regained.

Consumers need to be able to trust that the individual or the institution they are dealing with is putting their interests first, second and third.

The royal commission has shown that too often this has not been the case.’

But these conscientious actions from our government show us that right now, trust is now their top priority.

Free Report: Phil Anderson reveals a virtually unknown, monarchy inspired income stream that he believes could financially benefit every tax paying Aussie citizen for the next 100 years.

The Australian Tribune Editorial

The Australian Tribune Editorial

The Australian Tribune is an unorthodox news service. Your Australian Tribune editorial team deliver the unfiltered stories that could impact your daily life — political and economic stories you’re unlikely to get anywhere else. And we’re not afraid to step on some toes to do it. We are honest, conservative and never dull. We are an independent service, meaning we don’t answer to shareholders or outside advertisers. This helps avoid conflicts of interest that inhibit mainstream sources, which keeps our voice independent. The Australian Tribune is owned and operated by Port Phillip Publishing.
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