Prime Minister Malcolm Turnbull has announced a Royal Commission into the financial services which he hopes will restore our “trust and confidence” in the sector.
Moments before the announcement the CEOs of Australia’s big four banks issued a request for a commission, saying the public had lost faith in the industry.
The Prime Minister, who recently played down the need for a major inquiry into the sector, said Australian banks still had much to be proud of, despite the review.
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“We need to maintain the stability of our banking and financial system,” he said.
“All Australians, consumers, small businesses, farmers and shareholders must have confidence and trust in our financial system.
“This Royal Commission will end uncertainty and speculation, and conduct an inquiry in a thorough and conventional fashion, to help safeguard the integrity of our banks and other financial institutions.”
However, Labor said the move to introduce the commission only after the banks asked for it showed how the Coalition has a vested interested in the financial sector.
Opposition leader Bill Shorten and former Treasurer Wayne Swan tweeted their disapproval at the Prime Minister’s decision this morning.
It says everything about Turnbull’s values and priorities that he only agreed to Labor’s Royal Commission when the banks told him he had to.
— Bill Shorten (@billshortenmp) November 29, 2017
Turnbull dragged kicking and screaming to a banking royal commission and then seeks to blame Labor for it, as if it is bad thing – sounds like the terms of reference have been written by the banks #auspol
— Wayne Swan (@SwannyQLD) November 29, 2017