Bill's Media Releases

LABOR WILL GIVE VICTIMS A VOICE IN BANK REFORM - TUESDAY, 2 OCTOBER 2018

Labor will give a voice to the victims sidelined by Scott Morrison’s failure to extend the Banking Royal Commission.

Opposition Leader Bill Shorten is today announcing that Shadow Minister for Financial Services Clare O’Neil will travel to cities and towns around Australia that have not been visited by the Royal Commission to hold a series of roundtables with victims.

These roundtables will give victims a crucial opportunity to share their stories and consider options for reform to ensure that the shocking misconduct exposed by the Royal Commission is stamped out. 

Labor is committed to working with bank victims the opportunity to be part of this important national conversation.

So far, the Royal Commission has only had time to hear from 27 customers, despite over 9300 customers making written submissions.

All of the hearings of the Commission have been in just three capital cities – regional and rural customers have not had a sufficient chance to have their say in this process.

Misconduct in the financial services sector is a national issue – and Australians across the country deserve their chance to be heard. Unlike the Liberals, Labor will listen to victims.

The Royal Commission’s interim report has highlighted how badly ‘greed’ and ‘the pursuit of short term profit at the expense of basic standards of honesty’ has affected our financial services sector.

Labor now wants victims to have a seat at the table when the Royal Commission considers what reforms are required to clean up this sector.

Scott Morrison doesn’t want to give bank victims a voice. He always has been, and always will be, on the side of the big banks.

He spent 600 days fighting against the Royal Commission, labelling it a ‘populist whinge’ and a ‘reckless distraction’. He voted against the Royal Commission 26 times. And he spent years trying to reward the big banks with a $17 billion tax cut. Now, he’s refusing to extend the Royal Commission – all but guaranteeing victims won’t get a say in responding to the Commission’s recommendations for reform.

Labor called for this Royal Commission, Labor fought for this Royal Commission, Labor will allow victims to have their say, and Labor will work day and night to protect Australian businesses and consumers from this appalling misconduct.


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