royal commission into banking and financial services

The humiliating about-face forced on Prime Minister Malcolm Turnbull when he announced a royal commission into the banking and financial sectors on November 30 could be the beginning of the end for the Coalition government.

The Big Four banks have abolished fees on “foreign” automatic teller machines (ATM) withdrawals as part of a public relations ploy to head off a royal commission into their financial scandals.

The Commonwealth Bank announced on September 24 it was scrapping ATM fees on withdrawals by customers of other banks. This was immediately followed by ANZ, the National Australia Bank and Westpac.

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