Julia Banks (Chisholm, Liberal Party) Share this | Hansard source

In my years of working in the business world—granted, something which those on the other side have very little experience in—I found that the best people are the ones who come to you with solutions rather than being part of a problem. However, perhaps it is because most of those on the other side have not worked in business and have no regard for bank customers and no interest in having immediate solutions that, in relation to the banks, the Labor Party have clearly earned the title that they are part of the problem. The incidence of Labor harnessing and cementing their position as part of the problem is increasing every day. In fact, today in this House we saw Labor members become spokespeople for the four major banks as to why they should argue against the bank levy. Labor was part of the problem for the entire time they were in power, including the time when the opposition leader was minister for financial services. They did nothing. They were part of the problem. They were happy to let all the bank customers, average Australians, suffer at the hands of the various areas of misconduct of the banks.

However, by contrast, immediately the Turnbull government came to power we acted in relation to the banks. Unlike those on the other side, we put the interests of bank customers first, not politics. The Labor Party were becoming increasingly flummoxed by the Turnbull government's immediate, constructive and effective measures and recommendations that we put in place as a result of the banking inquiry. With respect to budget measures, the Labor Party are completely skewered. Why? Because their solutions have zero substance. In fact, all they can do is bleat about calling a royal commission without really knowing what it means.

The member for Solomon raised a few examples, including that of Norma and Peter. A royal commission would do nothing for Norma and Peter. It would last up to 10 years. It would line the pockets of bankers' lawyers. It would cost a lot of money, a lot of time and a lot of anxiety, and Norma and Peter would get nothing out of that, whereas the Coleman committee's recommendation of the one-stop tribunal is immediate, effective and constructive action. It is an immediate solution and outcome—something the Labor Party are not very good at.

The inquiry elicited much information about the banks, particularly in relation to the conduct of senior executives, mismanagement of cases and cases of misleading advice, all of which gave us the constructive context to provide effective recommendations. All of the inquiry recommendations deal with the here and now. We are acting here and now. We are not expecting Australian customers to wait another five to 10 years for lawyers to wield documents in and out of court and to deal with a royal commission with no act of compensation and nothing effective for the bank customers. We also put in place measures to make the banking sector more competitive—perhaps something else those on the other side do not understand. Competition is good for customers. We gave our very able corporate watchdog, the ACCC—which got nothing in terms of increased resources during Labor's regime—more resources in this regard.

A royal commission, as I said, will line the pockets of bakers' lawyers. What is more, the Labor Party cannot work out whether they are the banks' friend or foe. The bank levy is certainly being well received by constituents in Chisholm and broadly across Australia, but the Labor Party are quoting the four big banks in defence of why they should not be imposed on with this bank levy. They say, 'We don't like it because they will pass it on to customers.' They know full well that that levy is staying on the banks. This is a fair and reasonable tax on our banks. There is over $30 billion in pooled profits, and this is $1.5 billion out of that more than $30 billion. It is the bankers who make the decisions on where the money goes, and they will know that that tax should not go to their customers. Labor also did nothing in relation to the problem of the lack of competition. Our measures represent a fair additional contribution from our major banks in recognition that the concentration of the banks poses a structural risk to the economy. It applies to Australian banks, which are the second-most profitable in the world.

The Turnbull government is just getting on with it. The Turnbull government is delivering here and now. Only the Turnbull government have acted, delivered and put in measures to mean more choices, better services and greater protections for all bank customers across Australia. (Time expired)

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