Post date: 24-Apr-2019 04:40:48

Political Parties Split On Implementing Hayne Recommendations

Adele Ferguson, Business Columnist writes for the Australian Financial Review:

Apr 15, 2019 — 12.01am

It was a different tune three years ago. The opposition’s election campaign kicked off with a call to the banks that a Shorten government would call a royal commission.

Scott Morrison, then treasurer, was having none of it, warning a royal commission would hurt Australia’s international reputation, threaten economic stability and be a waste of money because we had a tough cop on the beat.

Three years on, with a royal commission still searing through the minds of those who saw the headlines throughout 2018, this election will be fought on trust.

Commissioner Kenneth Hayne said greed drove almost every example of misconduct uncovered by the royal commission.

As shadow minister for financial services Clare O’Neil says, “The choice at this election is between Labor’s plan to give bank victims a voice, a fair hearing and proper compensation, or the Coalition’s record of backflips, weasel words and blocking a royal commission for 600 days”.

When a reluctant Coalition finally called a royal commission in late 2017, the terms of reference was restrictive, the timetable an excruciatingly tight 12 months and the budget a frugal $70 million.

The big question is how each party will do it.. Click here to read full article