Senate Passes Resolution Calling For Royal Commission Into Banking Industry

The Senate today passed a motion calling for the establishment of a royal commission to inquire into misconduct in the banking and financial services industry.

The motion was moved by the ALP leader in the Senate, Penny Wong. After five minutes of discussion, it was passed on the voices.

The motion was similar to one rejected the day before by the House of Representatives.

The motion requested the concurrence of the House. When it was presented to the House later in the day, the government was outmanoeuvred by the Opposition in a series of votes. The absence of Coalition MPs meant that the government lost control of the House for nearly two hours. [Read more…]

Swan Announces Banking Reforms

The Treasurer, Wayne Swan, has announced a series of proposals to increase competition in Australian banking.

The Treasurer spoke at a press conference in Canberra today with Assistant Treasurer Bill Shorten and Parliamentary Secretary David Bradbury. Click the PLAY button to listen to the complete audio of the press conference: [Read more…]

Government Approves Westpac Takeover Of St George Bank

The Federal Government has approved Westpac’s takeover of St George bank, provided there is no reduction in the number of branches and ATMs. [Read more…]