29 August 2016
Sydney, 29 August 2016: After four months of silence on its terms of reference for a royal commission into banking, Labor has instead cut and pasted part of its May dissenting report from the PJC inquiry into impaired bank loans.
“In regurgitating the dissenting report of the Parliamentary Joint Committee (PJC) on Corporations and Financial Services, Labor has suggested terms for a royal commission that are vague and open ended,” Australian Bankers’ Association Chief Executive Steven Münchenberg said today.
“The rest of the PJC didn’t agree with Labor’s terms and found no “evidence that demonstrates that there was widespread or systematic illegal behaviour by banks”.
“Having said that, the banking industry acknowledges there have been issues and we are working to fix those with our industry reform package we released in April,” Mr Münchenberg said
“An independent review is being conducted by a former Australian Public Service Commissioner into how bank staff are paid.
“Banks are also addressing community concerns about bad apples moving around the industry, the handling of customer complaints and the treatment of whistleblowers.”
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
E&OE Bran Black, BCA: I’m here with colleagues from industry associations that represent the length and breadth of Australia’s economy, and we’re here today to talk about a couple of key features of the Budget. What I wanted to do is just take a step back first and just talk about how we came together…. Read more »
The Alliance of Industry Associations described measures in the Federal Budget as positive first steps on productivity reform, while calling for further action to deliver sustained cost of living relief for households and businesses. The Alliance, representing around 30 industry groups from a broad cross-section of Australia’s economy, has previously called for a significant package… Read more »
The ABA says the 2026 Federal Budget lays the groundwork for reforms that enhance productivity across the financial services sector and the broader economy. Projected improvements to the overall Budget position through lower deficits and a more sustainable fiscal trajectory are also welcome. Ongoing fiscal discipline, including spending restraint, will be key to placing… Read more »