Tony Zappia (Makin, Australian Labor Party, Shadow Assistant Minister for Medicare) Share this | Link to this | Hansard source

Today we saw the commencement of the banking royal commission, thanks to the tireless efforts of the Australian Labor Party, who wouldn't relent on this issue until the government succumbed and established a banking royal commission. The Prime Minister resisted it for months and months, saying that we could simply give ASIC greater powers or establish a parliamentary committee and it would do the same job. It wouldn't. So, finally, we have a banking royal commission.

We have seen not only the four major banks make about $30 billion in profit last year but also continuous accusations of rorts and rip-offs. Indeed, in my own electorate, I have intervened on many occasions on behalf of residents who believed that they had been hard done by by the banks they were dealing with, which in some cases was leading them to bankruptcy. The banks had the luxury of being protected by the Australian government during the global financial recession years when they needed that support the most. So, quite rightly, they ought to do the right thing by the Australian people. I note that Labor has now also called for the Commonwealth Superannuation Corporation to be included in the banking royal commission terms of reference. It's a call that I support. The Australian public need to have confidence in the financial system, and I look forward with interest to the royal commission proceedings and trust that the royal commission will deliver the justice that so many people have long waited for.