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
The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.
The ABA recently visited regional Victoria to see the impact of the recent floods first-hand. The tour of Rochester and Echuca was set up to share the support available by banks and encourage customers affected to contact their bank.The ABA also gathered feedback from impacted bank customers and the local community to hear what further… Read more »
“Agriculture in Australia has a proud record of overcoming extreme adversity, most recently meeting the challenge of major flood events head on. Banks are standing by to support customers affected and the message is to reach out to your bank if you need their support.”