Deborah O'Neill (NSW, Australian Labor Party) Share this | Hansard source

I know that this section finishes at 7:02 and I am going to try to give a minute to my colleague Senator Ketter. I thank Toni Matulick and Jon Bell for their incredible work and the secretariat who supported them with this report. There are 11 recommendations. In essence, the Labor members of the committee do concur with most of the findings of the committee's majority report and its recommendations for practical action, but we see this as an interim measure to drive change—very urgently required change. However, we do not consider that we were able to determine definitively that there was no widespread or systemic illegal or unethical behaviour by the banks. That is why Labor members of the committee make a recommendation that a royal commission be established to examine the banking and financial sector and particularly widespread instances of illegal and unethical behaviour, financial services duty of care, the culture and ethical standards of the sector and the regulator's role in ensuring better access to high-quality services. I will conclude my very brief remarks in order to give Senator Ketter a moment to make some comments.