The government’s delay or abandonment of most of the recommendations from the Banking Royal Commission is a commitment to the hands off approach that caused the problems in the first place, the Greens say.
“The Liberals had to be dragged kicking and screaming into this Royal Commission, and they have never accepted that there is serious criminality and bad behaviour within the sector,” Greens Economic Justice spokesperson Senator Nick McKim said.
“By delaying or abandoning most of the recommendations, they have made it clear that they are quite happy for people to continue to fall victim to the banks’ predatory conduct.”
“They are also trying to scrap responsible lending laws, which will lead to more people landing in unsustainable debt.”
“With unemployment and underemployment high in the middle of a global pandemic, there has never been a worse time to let banks off the leash.”
“The Liberals have today confirmed beyond any doubt they are a wholly owned subsidiary of their big corporate donors.”