Superannuation and Financial Services Industry

The mounting scandals being revealed by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlight the need for a comprehensive and radical solution to the crisis in the banking system.

The Big Four banks must be nationalised so people can take back their stolen wealth and a new public banking system must be created under democratic community control.

The first day of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry heard startling evidence that National Australia Bank (NAB) managers took envelopes full of cash as part of an alleged bribery racket in which bankers sold loans based on fake documents to “smash” sales targets.

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