Shorten Warns Govt about Going Easy on Banks

The banks need to be held accountable. And while the Banking Royal Commission ministers and bureaucrats are drawing up an appropriate response, Labor is warning the government not to go easy on the perpetrators.

But with no such stance coming from the Morrison Government, it’s unwise for Shorten to be so critical of his position.

Commissioner Kenneth Hayne QC delivered his report on Friday and the government is spending the weekend preparing a response to the findings before they publicly release it today at 4.20pm, just after the stock market’s close of trading.

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Banks slowly and steadily brought to justice

Meanwhile, Prime Minister Scott Morrison has made it clear how important it is that banks and other players keep lending cash — being ‘the lubricant for the Australian economy’ — while also backing the stability of the financial markets. But Bill Shorten has taken Morrison’s words out of context, saying it sounded like the government was already backpedalling on making the banks accountable for their actions.

Is really what Mr Morrison is saying is the only way to have a solid banking sector is an unethical banking sector?’ he told ABC’s Insiders on Sunday.

I don’t buy that, nor do thousands of small businesses, farmers and people who have been ripped off by the banks.’

AAP reports that he then argued Labor was willing to adopt all of the royal commission’s recommendations, saying there would have to be a ‘pretty amazing reason’ not to.

The Greens have already put forward their wishlist ahead of seeing Hayne’s report — which includes breaking up the banks’ business models, returning oversight to the Australian Competition and Consumer Commission, and establishing a publicly owned bank.

Greens leader Richard di Natale told Sky News’ David Speers, ‘We need not just bank bashing, we need bank-changing policies,’

We want to see the banks broken up so that banks focus on being banks rather than trying to push complex financial instruments down the throats of customers simply so they can gouge them for money.’

The commission took more than 10,000 submissions and held 69 days of public hearings. We’re awaiting the decision coming at the end of the day.

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The Australian Tribune Editorial

The Australian Tribune Editorial

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  1. Would Mr Shorten called for the Royal Commission if he were in government? Don’t know, but he sure did not raise any such calls when Labour was last in government .
    (I stand corrected on that) Should we then be asking Mr Shorten if the banks acted more honestly on his Party’s watch.
    It could be that Mr De Natale has a solution up his sleeve. It may be voiced by an unlikely candidate, but it resonates with some merit.