It’s the final sitting day for 2019 and the Government hasn’t even listed the Banking Royal Commission Bills meaning they won’t be passed this year.
308 days after the report was handed down Scott Morrison and the Liberals have completed a pathetic 6 of the 76 Banking Royal Commission Recommendations, instead opting to prioritise their union busting bill.
The Shadow Assistant Treasurer and Shadow Financial Services Minister, Stephen Jones today called on the Prime Minister to explain to the Australian people why it was more important to reintroduce the Governments failed Union Busting Bill than keep their election promise and implement the Banking Royal Commission recommendations.
This failure will mean Australians go to the Christmas break:
- With no protections from unfair insurance contracts.
- Families who suffer claims handling issues – from bushfires, hailstorms, or other disasters - will be left without protection.
- Car dealers will still be able to claim commissions on dodgy add-on insurance products.
- Industry codes of conduct will remain completely unenforceable.
- ASIC will lacks essential enforcement powers.
- No compensation scheme of last resort will in place for distraught customers.
- No new disciplinary system will punish unscrupulous financial advisers.
- Mortgage brokers will have no duty to act in the best interest of their customers.
- Unscrupulous operators will be able to hawk junk insurance over the phone.
A week after Westpac were found to have committed 23 million breaches of money laundering laws, it beggars belief that the Government does not see implementing the Banking Royal Commission as a priority.
The Government has a dismal record when it comes to the banks.
Scott Morrison and the Liberals voted against the Royal Commission 26 times and are dragging its feet on implementing the Commission’s recommendations.
Not good enough.
THURSDAY, 5 DECEMBER 2019
