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ABC News 24 12 Noon News -

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(generated from captions) Country Fire Authority dispute in Victoria where they're proposing legislation. Labor's spokeswoman for small business and financial speaking
services, Katy Gallagher, has been listen.
speaking in Canberra. Let's have a listen.... Review into the banking secster, into the financial services sector more broadly, to understand exactly what factors are undermining - involved in this increasing customer complaints. We believe that that is what's needed. We need a strong, profitable, well-led banking system but also one that puts the needs of its a
customers first and we believe that a Royal Commission is the only way that you're going to actually have the powers and the ability to get really to it heart of what some of the issues that have led to the scandals, the rip-offs and the increase in the number of complaints being brought forward by customers. These are not matters that can be dealt with simply by a tribunal which is established to deal with complaints once they've occurred, once the disputes have actually arisen, once the rip-offs or scandals have impacted on victims tf lives. This is about making sure that those complaints are minimised, that we don't have the level of complaints that we're seeing at the moment and that we are ensuring that the banking system is focused very much on the needs of its customers. I would also like to make a couple of comments around the superannuation negotiations that appear to be going on. The superannuation reriforms which the Government took and put in its Budget, they actually placed them in the Budget then went to the election on, are a complete mess. We see comments from the Prime Minister and the Treasurer that these are rock-solid commitments, will not be amended, and post the election we're seeing the Treasurer undertake a national tour of the country to negotiate individually, it seems, with backbenchers who have problems with what the Government is putting forward. One of the strengths of Australia's superannuation system is the confidence of superannuation members and what we're seeing at the moment is that superannuation reform is negotiated via Twitter, via the front page of major papers as each individual Coalition member who has a problem articulates their problem and calls for change and we've got a Treasurer that's seemingly racing around trying to make compromises where they can. I think in the interests of good superannuation reform, the Government needs to get its act together and needs to bring forward the package of legislation that it intends to try to get through this parliament and they need to talk to the Labor Party about it. Happy to take questions.On credit cards, what are customers complaining about specifically?There's issues around surcharges, issues around fees and there are issues around interous rates. Some --around interest rates. Some credit card fees for particular cards, depending on what the card offers, can be as high as $700. Some customers perhaps are unaware of the charges, perhaps weren't fully explained at the point of sign-up, conditions
haven't fully understood the conditions of the credit card, can place people en severe financial hardship. I was visiting a consumer law centre last week and consumer credit cards are the biggest complaint they get through their door either through the interest being charged, the inability to pay it off or unaware of some of the commitments people got themselves into when they signed up. There's no doubt there are issues with credit cards and we're seeing that reflected in the complaints to the financial ombudsman service.We need a strong, profitable and well-led banking system, you say, do you think we have one at the with it.
moment?We think there are issues with it. That's no secret. The Labor Party went to the election with a commitment to pursue a Royal Commission and that wasn't taken lightly. That was taken after I think watching a number of problems with the banking industry being raised over a number of years but also wanting to look that when we're going forward that we have the strongest banking system that we can for the future and it is about balancing the needs of the banks, the shareholders, but also, importantly, placing the customers front and centre of that discussion and we believes there - there's no down side to having a Royal Commission. People can come together, they can provide their evidence, it can be examined, it can be thoroughly and systemically assessed and recommendations can position
come out that place us in a better position than we are in now. I think, again, a banking system that puts the needs of customers fairly and squarely on the table and I don't think any objective observer the
watching some of the issues over the last few years can say that's what we've got at the moment. Thank you.

That the Opposition's Katy Gallagher speaking regarding her calls repeating the Opposition Leader's, Bill Shorten's call, for a banking Royal Commission, saying