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Australians know Scott Morrison can't be trusted to deal with banks



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CHRIS BOWEN MP

SHADOW TREASURER

SHADOW MINISTER FOR SMALL BUSINESS

MEMBER FOR MCMAHON

AUSTRALIANS KNOW SCOTT MORRISON CAN’T BE TRUSTED TO DEAL

WITH BANKS

Scott Morrison likes to tell Australians that he’s on their side and he’s backing them, well today’s

report that he was the last man standing against the Banking Royal Commission and had to be

overruled by Malcolm Turnbull puts pay to that.

Wherever you look, you get a daily reminder that good judgement is not Scott Morrison’s strong

point.

What is most concerning about today’s report is that Scott Morrison, the last to back a Royal

Commission into the banks, only did so after receiving a letter from the major banks calling for one.

Mr Morrison was more concerned about his own ‘reputational damage’ for backflipping after years

of publicly and vociferously opposing an inquiry, than he was in the need to rebuild Australian’s

trust and confidence in the banking and financial services sector.

Scott Morrison and the Liberal Party has mismanaged banking policy from the very beginning,

voting 26 times against establishing a Royal Commission, refusing to extend it to hear from more

victims of scandals, and now it appears the Treasurer wants to deny Australians the right to see the

final report when it is received on 1 February.

You know you are seriously out of touch when Malcolm Turnbull managed to form the view of the

need for a Banking Royal Commission well before Scott Morrison did.

We know that Scott Morrison never really wanted to call this “regrettable but necessary” Royal

Commission and the New Daily reports many Liberal MPs still opposed it being constituted in the

first place.

Meanwhile, Josh Frydenberg cannot even confirm whether or not he will release the Banking Royal

Commission’s final report when he receives it on Friday 1 February.

Refusing to release the Royal Commission’s final report immediately would unnecessarily politicise

the handling of the report and give rise to potential material market risks around leaks of all or part

of the report.

Labor called for this Royal Commission, Labor fought for this Royal Commission, Labor will

establish a Financial Services Royal Commission Implementation Taskforce, and Labor will work

day and night to protect Australian consumers from this appalling misconduct.

WEDNESDAY, 23 JANUARY 2019

MEDIA CONTACT: JAMES CULLEN 0409 719 879

Authorised by Noah Carroll, ALP, Canberra.