banking industry

In the banking royal commission’s final report, Commissioner Kenneth Hayne made 76 recommendations for reforms to the sector, but stopped short of calling for charges to be laid against bank executives and board members, or any radical shake-up of the industry.

This has led some, such as financial commentator Michael Pascoe writing in the February 5 New Daily, to proclaim: “And the winner is ... the big banks!” His words were promptly reinforced by the fact that bank shares skyrocketed the day after the report was released.

Complaints by conservative commentators that Treasurer Scott Morrison and Prime Minister Malcolm Turnbull have delivered a “” show how low expectations are that any federal government in Australia will deliver a budget aiming to advance genuine social justice in this country.

The Turnbull Coalition government must call a full royal commission into CommInsure, the Commonwealth Bank and the general financial malpractices of the insurance and banking industry immediately. This Coalition government wasted more than $50 million in taxpayers' funds on the royal commission into the union movement, but adamantly refuses to hold a proper inquiry into its big business mates in the major banks.
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