Heavyweight meeting convinces banks
The Federal Treasurer has confirmed that it took a meeting between himself, the Prime Minister, the Assistant Treasurer and the major banks to lock down an undertaking that the banks would not pass through to consumers the cost of a higher financial services levy.
At the same time as dismissing the Federal Opposition's calls for a Royal Commission into the banking and financial services industry as nothing more than piece of back of the envelope opportunism, the Federal Treasurer, Scott Morrison confirmed the meeting with the banks yesterday morning at which the banks "confirmed to me that they will not be passing on the cost of the ASIC levy to their customers and have confirmed their position publicly".
Morrison then detailed specific statements from the Commonwealth Bank, Westpac, National Australia Bank and ANZ.
The Treasurer also claimed to have proof that the Federal Opposition leader, Bill Shorten, had been guilty of "reckless populism" in his calls for a Royal Commission, claiming the Opposition leader had acknowledged only jotting down the topics on the way to a radio interview.
"Bill Shorten's bizarre admission on Neil Mitchell's radio program that the topics he wants his royal commission to consider were only scribbled out in the back of a car on the way to the studio today has exposed his proposal as nothing more than a cruel stunt designed to play politics with people's genuine pain," Morrison said.
"The admission confirms that when his Shadow Cabinet considered the proposal it was a blank sheet of paper. Only now, on the way to an interview has he bothered to jot down "a little list" on what it is supposed to do."
"Do we now have to wait for a terms of reference when he jumps on a tram?"
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
