Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

I refer the honourable member to my earlier answer. I'm not going to go into specific matters which are currently before the royal commission, but as I said—and I'll repeat it—we are determined to ensure that the wrongdoing that has occurred, where customers have not been put first, does not happen again and that those who have done the wrong thing are held to account. Obviously the royal commission is operating but, leaving the royal commission to one side, we have beefed up the powers and capacities of the regulator.

In terms of major banks, I would just remind the honourable member that we have, in last year's budget, introduced and legislated a major bank levy which is raising around $1½ billion a year and, cumulatively, will increase to $10 billion by 2023-24—so a very substantial increase in tax paid by the major banks.

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