royal commission into the banks

The case for re-nationalising the Commonwealth Bank of Australia (CBA) is becoming stronger every day. The latest in a string of scandals to hit "Australia's leading bank" is the revelation the CBA is facing allegations that its Intelligent Deposit Machines (IDMs) were used by money launderers and criminal gangs to process millions of dollars in cash.

The federal government's much-vaunted parliamentary inquiry into the banking system was correctly called "a farce" by Labor MP Pat Conroy on October 4, the first day of a three-day hearing in Canberra. Conroy said: "I have two days of questions here" but no time to ask them.

The inquiry was an attempt by the government to deflect growing calls for a royal commission into the banking system.

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