Turnbull backflip on Royal Commission
30 November 2017
Statement from ACTU President Ged Kearney:
Today’s announcement of a banking Royal Commission reveals that Malcolm Turnbull takes direction from the big banks, not the Australian people.
The Prime Minister caved on demands for an inquiry into the big banks only after they gave him permission to do so.
This backflip shows that he is not in control of his government or his party.
The ACTU welcomes the inquiry, for which we have been campaigning for years. It is unfortunate that it has taken the high-farce of the banks giving the go-ahead to a Prime Minister for this to become a reality.
It is critical that the government abandons its attempt to give working people’s super over to the big banks.
The Royal Commission must focus on where the real power is, the bank executives who profited from ripping off Australians’ savings, life insurance and superannuation – not the frontline workers.
Customers must be properly compensated for the rips offs, and Executives must be accountable – with criminal charges if found to be warranted.
We will not, and nor will the Australian public, accept a mickey mouse, short term, underfunded Royal Commission. There are a lot of scandals to address before any confidence can be returned to this sector.
The big banks are out of control. Today’s announcement suggests they may be setting their own terms for this important inquiry.
The repeated scandals of the big banks shows that corporate Australia has too much power, and working people and consumers need to change the rules.
30 November 2017
Statement from ACTU President Ged Kearney:
Today’s announcement of a banking Royal Commission reveals that Malcolm Turnbull takes direction from the big banks, not the Australian people.
The Prime Minister caved on demands for an inquiry into the big banks only after they gave him permission to do so.
This backflip shows that he is not in control of his government or his party.
The ACTU welcomes the inquiry, for which we have been campaigning for years. It is unfortunate that it has taken the high-farce of the banks giving the go-ahead to a Prime Minister for this to become a reality.
It is critical that the government abandons its attempt to give working people’s super over to the big banks.
The Royal Commission must focus on where the real power is, the bank executives who profited from ripping off Australians’ savings, life insurance and superannuation – not the frontline workers.
Customers must be properly compensated for the rips offs, and Executives must be accountable – with criminal charges if found to be warranted.
We will not, and nor will the Australian public, accept a mickey mouse, short term, underfunded Royal Commission. There are a lot of scandals to address before any confidence can be returned to this sector.
The big banks are out of control. Today’s announcement suggests they may be setting their own terms for this important inquiry.
The repeated scandals of the big banks shows that corporate Australia has too much power, and working people and consumers need to change the rules.
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