Bob Katter (Kennedy, Katter's Australian Party) Share this | Hansard source

I'm supporting Labor on these amendments. The honourable member who spoke before me was right in his contention about the $200 million. Companies turning over $4 billion or $5 billion a year would pay it over two or three years. It's hardly a line item in their annual report. On the banking inquiry: we had legislation drawn up, and Mr Turnbull gazumped us. Well, congratulations to him. He put out a pathetic inquiry which, quite frankly, is achieving virtually nothing.

That inquiry, as with these amendments, needs to talk about redress to the people who've been taken to the cleaners improperly by the banks. There should be redress. I'm not one for punishment. I've never advocated punishment. But those decision-makers who were responsible for making those decisions should be taken out of working in the financial field forever.

Look at the Goldman Sachs example in the United States. Here was a company that precipitated the GFC, and it was running the American economy straight afterwards. The immortal words of Barack Obama were that those people responsible for what happened had five of the 11 most powerful positions in the nation. He said, 'When I become President, that will change.' And it did. It wasn't five out of 11; it became eight out of 11! Not only were they not punished, but the person who was supposed to punish them rewarded them. They took over eight of the 11 positions.

So we are watching. The only reason we did not have a GFC collapse here was that the banks here have recourse lending, so if you can't make the repayments—

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