MADELEINE KING MP
SHADOW MINISTER FOR CONSUMER AFFAIRS
SHADOW MINISTER ASSISTING FOR RESOURCES
SHADOW MINISTER ASSISTING FOR SMALL BUSINESS
MEMBER FOR BRAND
The Hayne Royal Commission into the Banking and Financial Sector has highlighted the culture of greed polluting the financial services industry in this country.
Commissioner Hayne uncovered countless incidences of corporate crime, from banks charging service fees to dead customers, to shameful lending practices - the likes of which are reprehensible in this post GFC era.
Labor knows that many working Australians have been devastated by banks and financial institutions, which is why we called for a Royal Commission into the sector.
However Scott Morrison and his Liberals voted against the Banking Royal Commission 26 times.
Labor has also been on the front foot in addressing the scourge of pay day lenders and consumer-lease crooks, whose dodgy practices are targeted at families in financial strife.
In the last parliamentary sitting I reintroduced the Small Amounts Credit Contract reform legislation that the government itself initially, but which has seen delay after delay due to Liberal infighting and leadership instability.
Assistant Treasurer Stuart Robert assured me last year - in writing - that he would delay any action on pay day lending reform until the release of Commissioner Hayne’s final report.
Well, the report is out.
Your move Stuart Robert.