It is a failing of the Morrison Government that the Banking Royal Commission recommendations were not implemented in full before the COVID-19 crisis.
\nWe join with consumer groups in holding the Government to account until they keep their promise with the Australian people and implement the recommendations.
\nLabor calls for the Royal Commission implementation delays to be limited to no more than 6 months.
\nThe Government resisted the Banking Royal Commission for years, voted against it 26 times and have dragged their feet on implementation.
\nAfter receiving the Banking Royal Commission\u2019s final report, Prime Minister\u00a0Morrison and Treasurer Frydenberg took six months to release an implementation timetable.
\nOne year after the report was on their desks, the Government had only completed 6 out of the 76 recommendations made by Commissioner Hayne.
\nLabor acknowledges the role that the banks are playing in the current crisis.
\nWe support a strong banking system and the recent measures that have added needed liquidity and financial support during COVID-19.
\nBut the Australian public also have an expectation that the Banking Royal Commission recommendations will be implemented.
\nWith almost half the workforce on JobKeeper or JobSeeker, consumers need to be sure that they are protected from financial misconduct.
\nWe agree with consumer groups who wrote to the Treasurer on 16 April 2020 expressing concerns.
\nWhile there is a reasonable case for a six-month extension to deadlines, the Australian community still expects to see action on the Banking Royal Commission.
\nAustralians just want fair treatment from our financial institutions.
\nIt is Josh Frydenberg\u2019s job to make sure that still happens.<\/p>\n","protected":false},"excerpt":{"rendered":"
It is a failing of the Morrison Government that the Banking Royal Commission recommendations were not implemented in full before the COVID-19 crisis. We join with consumer groups in holding the Government to account until they keep their promise with the Australian people and implement the recommendations. Labor calls for the Royal Commission implementation delays … Continue reading “LABOR STATEMENT ON GOVERNMENT DECISION TO DELAY BANKING ROYAL COMMISSION RECOMMENDATIONS”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-6449","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/6449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=6449"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/6449\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=6449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=6449"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=6449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}