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Royal Commission shows how banks have failed farmers



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MATT KEOGH MP FEDERAL MEMBER FOR BURT

ROYAL COMMISSION SHOWS HOW BANKS HAVE FAILED FARMERS

The revelations made in this week’s Banking Royal Commission about farm finance are so shocking that they’ve thrown the schedule out the window.

We’ve heard the horrifying story of families left homeless and cash strapped, we’ve even heard of over-stated valuations of properties at more than 12 times their actual size. The banks have even had to admit they breached their own industry code.

There is a serious cultural issue in the big banks and this Royal Commission is only the tip of the iceberg.

We are hearing time and time again the “bonus” culture of the banks is a major factor in the continuation of this unconscionable behaviour, but it doesn’t appear that is due to change any time soon.

This week the Royal Commissioner had to delay dealing with natural disasters insurance cases so it could deal with the mass of issues coming from regional and rural Australia.

Despite the banks failing farming communities for years and years, seeing livelihoods and farms lost, the Turnbull Government had to be dragged kicking and screaming to hold this Royal Commission because they cared more about running a protection racket for the banks than they did about standing up for banking victims.

As experts continue to call for ASIC to have greater powers to hold these banks to account, the Government cuts them off at the knees, cutting their funding by $26 million.

The lives of so many in this country have been turned upside down, their homes and livelihoods torn away, we must let this Royal Commission do its job, and support a thorough investigative process.

Labor will continue to work to ensure the Royal Commission delivers justice to those who have suffered because of the misconduct in the banking and financial services sector.

FRIDAY, 29 JUNE 2018

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