Skip to main content
Financial Assistance Hub

Labor re-hashes ‘terms of reference’ from own dissenting report

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

1 / 3
Media Releases
Banks ready to support flood-affected areas in NSW Mid-North Coast and Hunter regions
22 May 2025

Banks are on standby to support customers across the Mid-North Coast and Hunter regions impacted by the current severe weather and flooding. ABA CEO Anna Bligh said with torrential rain and flooding taking place, banks were activating financial assistance and relief to support their customers. “Banks recognise that this is a very challenging weather event… Read more »

Read more
Transcript
Anna Bligh interview on 2GB Afternoons with Michael McLaren
22 April 2025

Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »

Read more
Media Releases
Banks continue to support FNQ flood recovery efforts
3 April 2025

The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »

Read more