Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Cormann. The Westpac CEO resigned this morning. I think we in this chamber can all agree that the Westpac money-laundering scandal is truly shocking. What is most shocking is that AUSTRAC warned the banks about weaknesses in their IT systems as early as 2013, including that they were vulnerable to child exploitation by paedophiles. Minister, why wasn't the prospect that paedophiles were using the bank enough to curb Westpac's pursuit of profit, and why do you think Ian Narev's resignation from Commonwealth Bank just two years ago on nearly identical grounds wasn't enough to put the fear of God into Westpac and its CEO and senior management and to make them change their act?