Jenny Macklin (Jagajaga, Australian Labor Party, Shadow Minister for Disability and Carers (House)) Share this | Link to this | Hansard source

Meddling with schoolchildren's savings accounts is the latest scandal to engulf our banks. On Saturday, Adele Ferguson reported that thousands of children's Commonwealth Bank accounts were fraudulently set up by branch staff as part of a scam to get bonuses and meet performance targets. The scam involves CBA staff illegitimately activating Youthsaver accounts with small sums of money for the financial gain of the staff.

Of the 150 branches investigated, Montmorency in my electorate of Jagajaga had the highest percentage of accounts with deposits of less than $1. The principal of Montmorency South Primary School, Leanne Sheean, said the bank had manipulated her school:

They bring in a cuddly bear, the kids get taken in and, in reality, it is fraudulent what they have done and they are using schools to do it.

The royal commission into our banks and financial system has heard evidence of alleged bribery, forged documents and financial planners charging fees to dead people. We have seen AMP admit to routinely lying to regulators, and now we have the Dollarmite scandal. The Commonwealth Bank posted a profit of $9.8 billion last year, and this is how they behave. The conduct of the CBA in Montmorency in exploiting innocent children is totally unacceptable. (Time expired)