30 November 2017

For two years Labor has been calling on the Government to put families and small businesses ahead of the banks and establish a royal commission into bad practices that have ripped-off customers.

As a member of the Standing Committee reviewing the four major banks, I have heard from people around the country who have suffered because of bad banking practices. I have been told first-hand about how their lives have been ruined.

Instead of holding the banks to account, and doing the right thing by everyday Australians, this Government voted more than 20 times in Parliament to protect the banks from a royal commission.

However, due to continuing and mounting pressure, from the public, from Labor and from members of his own government, the Prime Minister has, with the permission of the banks, agreed a banking royal commission is necessary.

It's no wonder the banks were evasive in October when I asked them directly at the banks enquiry if they were preparing for a royal commission. Of course they were. Everyone but Malcolm Turnbull knew this royal commission was inevitable.

Even now the Turnbull Government has not worked with the victims in agreeing to this royal commission, choosing to work with what the banks want.

The Government must try to act with integrity and ensure the scope of this royal commission is not limited and does not deny victims the chance to tell their stories.