The Federal Treasurer, Scott Morrison has continued to deflect calls for a Royal Commission into the banking and financial services industry claiming it would only serve to “pump up the tyres” of Federal Opposition leader, Bill Shorten.
Speaking on television, Morrison argued that the Government’s responses in the form of a Parliamentary Committee review, better resourcing of the Australian Securities and Investments Commission (ASIC) and the involvement of the Small Business Commissioner were more effective than a Royal Commission.
“I think we have already seen from the Government’s response, which has been significant, we have increased the resources for ASIC, we have increased the powers for ASIC, we have ensured that there is a greater transparency and accountability through the process with the House of Representatives Standing Committee,” he said.
Morrison said the Government also already had underway a review about more cost effective, affordable dispute resolution for bank customers along with the Small Business Commissioner working over many problematic cases.
“Now, why have I gone through all of that? Because that is actually getting outcomes for the concerns of people who have genuine issues with the banking sector,” the Treasurer said.
“What a Royal Commission does is pump Bill Shorten’s tyres up but doesn’t give anybody anything if at all for years. So, that is a political exercise for a political hack.”
“What we are doing is focusing on delivering real changes and on top of that we have seen banks respond themselves with their six points which they have been working through,” the Treasurer said.
