STATEMENT ON GOVERNMENT DECISION TO DELAY BANKING ROYAL COMMISSION RECOMMENDATIONS

 

It is a failing of the Morrison Government that the Banking Royal Commission recommendations were not implemented in full before the COVID-19 crisis.

 
We join with consumer groups in holding the Government to account until they keep their promise with the Australian people and implement the recommendations.
 
Labor calls for the Royal Commission implementation delays to be limited to no more than 6 months.
 
The Government resisted the Banking Royal Commission for years, voted against it 26 times and have dragged their feet on implementation.
 
After receiving the Banking Royal Commission’s final report, Prime Minister Morrison and Treasurer Frydenberg took six months to release an implementation timetable.
 
One year after the report was on their desks, the Government had only completed 6 out of the 76 recommendations made by Commissioner Hayne.
 
Labor acknowledges the role that the banks are playing in the current crisis.
 
We support a strong banking system and the recent measures that have added needed liquidity and financial support during COVID-19.
 
But the Australian public also have an expectation that the Banking Royal Commission recommendations will be implemented.
 
With almost half the workforce on JobKeeper or JobSeeker, consumers need to be sure that they are protected from financial misconduct.
 
We agree with consumer groups who wrote to the Treasurer on 16 April 2020 expressing concerns.
 
While there is a reasonable case for a six-month extension to deadlines, the Australian community still expects to see action on the Banking Royal Commission.
 
Australians just want fair treatment from our financial institutions.
 
It is Josh Frydenberg’s job to make sure that still happens.
 

FRIDAY, 8 MAY 2020