Labor congratulates Anna Bligh on her appointment as the new CEO of the Australian Bankers Association and hopes that she will be able to lead the cultural and system changes required by the banking sector.

The ABA, the bank’s advocacy arm, can't solve the litany of problems within the banking industry with one bank-funded appointment and a slick PR campaign.

Labor’s focus has always been on seeking justice for the thousands of Australians who have been the victims of banking malpractice and driving long term systemic change through the work of a royal Commission.

A Royal Commission is the only way to shine a light on the misconduct and cultural issues in the banks that have led to thousands of Australians, including small businesses and farmers, being ripped off or treated badly by them.

Without a royal commission, the rorts and rip-offs will continue - it’s as simple as that.

Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services.