Wednesday, 31 August 2016
Banking and Financial Services
We have found something the Prime Minister will stand up for—and we know that has not been easy and, indeed, the opposition within the government know that too—but the point is that he will stand up for the banks; he will give them a tax cut. He will not give them a royal commission—although the banks must be getting a little nervous because we have seen the usual sort of coalition government prime ministerial retreat from a position. Before the election, ASIC was enough; after the election, they thought they would slap it with the wet lettuce leaf of the member for Banks and a committee controlled by the coalition. Now, there has been an outbreak of a whole new tribunal.
The truth of the matter is that Australians are fed up with the conduct of their banks. They did not approve of the fact that they could not even see the rate reduction by the RBA passed on. The government said, 'Please do it,' but they ignored him. So tomorrow, Prime Minister, I am meeting with the victims of bank scandals. I have written to you asking you to come along. If you are serious about your plans, come and join me, meet with the victims, look them in the eye and tell them everything is fine—because it is not, Prime Minister.