Malcolm Turnbull's protection racket for the big banks will be on full display this week when their CEOs appear before his cover-up committee.
For the many thousands of Australians who have lost their homes, retirement savings and businesses, these government-sponsored hearings with the banks will be completely inadequate to address their concerns.
A brief sit-down with the banks while Parliament is deserted will not be enough to get to the bottom of the issues within the banking and financial services industry. Only a Royal Commission can do that.
This committee does not have the resources, time or powers to properly investigate:
- How widespread instances of illegal and unethical behaviour are within Australia’s financial services industry;
- How Australia’s financial services institutions treat their duty of care to their customers;
- How the culture, ethical standards and business structures of Australian financial services institutions affect the behaviour of these institutions;
- Whether Australia’s regulators are really equipped to identify and prevent illegal and unethical behaviour;
- Comparable international experience with similar financial services industry misconduct and best practice responses to the adverse incidents which have ruined so many lives.
Malcolm Turnbull knows his sham committee doesn't have the scope or powers to properly investigate these issues – because he designed it that way.
The bank CEOs will walk away at the end of their three-hour chat, safe in the knowledge that they won’t be questioned again for another year.
Meanwhile, those who have lost their savings, their homes or their businesses and who remain in debt to the banks will be stuck living with the consequences every day.
The only way to get to the bottom of the rip offs, give a voice to those affected and prevent these scandals from happening again is to hold a Royal Commission. Labor and the Australian community will not be distracted from this by Malcolm Turnbull's cover-up committee.
TUESDAY 4 OCTOBER 2016
This is a joint media release with Labor's Shadow Minister for the Treasury, Matt Thistletwaite MP.