Media Release - Don't claim our grizzly

In a weak attempt to discredit today's Labor policy announcement that Australia’s big banks and financial watch dogs will be required to publically report to a Parliamentary committee on an ongoing basis, the Treasurer has rolled out a release claiming our policy ideas were of the Government’s own making.

Yes, the Coalition set up hearings in 2016 in which the banks are required to report to Parliament, however this was no more than a protection racket for the big banks in an effort to prevent a Banking Royal Commission.

A Banking Royal Commission the Treasurer and the Prime Minister voted against 26 times.

Labor seeks to instil ongoing reporting requirements for these institutions to be held to account on their commitment to adopt the recommendations of the Hayne Royal Commission moving forward.

The Labor Members of the Parliamentary Standing Committee on Economics proposed an extended Banking Executive Accountability Regime (BEAR) in 2016.

As a part of this the Labor Members of the Committee proposed the CEOs of Banking and Financial Institutions together be accountable for poor consumer outcomes under the BEAR.

While this policy plan wasn’t wholly adopted by the Government, we welcome their acceptance of the Hayne recommendation that supports our original plan.

This Government’s record proves it’s them playing catch up on the need for real accountability of the banking and financial sector.

The record is clear, only Labor, can be trusted to clean up our banks and financial institutions.


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