23 August 2016
Sydney, 23 August 2016: Today’s revelation by Manager of Opposition Business, Tony Burke MP, that Labor intends to use its proposed royal commission to test the strength of the Government’s one-seat majority proves Labor’s motivations are purely political.
Australian Bankers’ Association Chief Executive Steven Münchenberg said: “It says a lot that Labor has not produced a terms of reference in the four months since it first called for a royal commission – yet has clearly locked down its use as a political tactic against the Government.”
Mr Burke warned the Government that Labor intends to move Parliamentary motions for a suspension of standing orders in favour of a debate and vote on the proposed inquiry when Parliament resumes next week.
“Labor has made all sorts of claims for a royal commission but clearly the real reason is just to attack the Government. It is disappointing that this political tactic risks undermining confidence in our banking system which sits at the core of the economy, at a time of growing global uncertainty.
“In the meantime, banks will get on with implementing comprehensive new measures to protect customer interests, increase transparency and accountability and build trust and confidence in banks.”
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »
Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. ABA Chair and National Australia Bank CEO Andrew Irvine today announced Mr Birmingham’s appointment, replacing retiring CEO, The Hon. Anna Bligh AC. “We are delighted to have Simon lead our industry and help ensure… Read more »
Rick Hind: Anna Bligh is the CEO of the Australian Banking Association. Welcome back to 105.7 ABC Radio Darwin. Anna Bligh: Good morning, great to be with you. Rick Hind: Is it getting easier to scam people out of money from their bank accounts? Given how good technology is, the scammers seem to have as… Read more »