TIME FOR MORRISON TO EXTEND BANKING ROYAL COMMISSION

Federal Labor is calling on Scott Morrison to extend the Banking Royal Commission, after the interim report made no recommendations. 

Morrison delayed for 600 days before caving in to have a Banking Royal Commission – and then he gave it an incredibly short timeframe to report. It’s just another example of him protecting the banks and covering up for them.

The Royal Commission has done an excellent job within the timeframe that the government set for it. 

It’s now time for the Morrison to change the timetable he set down for the Royal Commission so people can have their say and the financial sector has the opportunity to work through the changes and recommendations.

We believe this is a once in a generation opportunity for reform. But we’ll only get that if the Commission has time to consult properly on specific proposals. 

 

The final report is currently set to be delivered by 1 February - just four months away. It’s now beyond doubt that this is not enough time to do the job properly. 

 

It’s incredibly important the Royal Commissioner consults on recommendations with the banking sector - as well as victims’ groups - to ensure there are no unintended consequences flowing from the significant shake up expected.

Furthermore, Labor is calling on the government to guarantee that customers in regional towns won’t be left out of the process – and the only way to do this is by extending the Royal Commission and having more hearings.

 

There have been more than 9300 public submissions to the Royal Commission – but only 27 customers have been able to give their evidence in person.

 

This isn’t about the Liberal Party and whoever the Prime Minister is this week, this is about the Australian people. They deserve to be heard.

 

This sector is one on which almost every Australian depends. Financial services is integral to Australia’s economy and we need to get it right. 

Labor wants this to be a roadmap for reform - not another royal commission report left in the top drawer. That’s why we announced on Friday that a Shorten Labor Government would create an Implementation Taskforce, with six monthly reports from the Treasurer to Parliament. 

Labor called for this Royal Commission, Labor fought for this Royal Commission, Labor will establish a Financial Services Royal Commission Implementation Taskforce, and Labor will work day and night to protect Australian businesses and consumers from this appalling misconduct