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Government Announces Banking Royal Commission Following Request From Big Four

The federal government has announced a royal commission into the banks and the financial sector, reversing its previous opposition to such a move.

The announcement came at a press conference at 9.00am this morning, following a Cabinet meeting. The decision was preceded by a request from the major banks for a royal commission. In a letter to the government, the chairmen and chief executives of CBA, NAB, ANZ and Westpac said:

“In light of the latest wave of speculation about a parliamentary commission of inquiry into the banking and finance sector, we believe it is now imperative for the Australian Government to act decisively to deliver certainty to Australian’s financial services sector, our customers and the community.”

Recent days have seen increasing calls for a royal commission, especially from elements in the National Party. The House of Representatives resumes sitting next week. With two members down and facing by-elections, the government risked embarrassment in the chamber.

  • Listen to Turnbull and Morrison (33m)
  • Watch Turnbull’s press conference (33m)

The Letter from the Banks



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…]


Government Widens Terms Of Reference For Trade Union Royal Commission; Criminal Conduct Probe, Reporting Date Extended

The federal government has widened the terms of reference for the Royal Commission into trade unions and given the inquiry an extra year to report.

The inquiry will now have the ability to investigate criminal conduct by unions. The December 2014 reporting date has been extended to December 2015.

The Attorney-General, Senator George Brandis, announced the changes at a press conference today. [Read more…]


Julia Gillard Testifies At Trade Union Royal Commission

Former Prime Minister Julia Gillard has testified at the Royal Commission into Trade Union Governance and Corruption.

Gillard

Gillard was questioned by Jeremy Stoljar SC, Counsel assisting the Royal Commission. She then took questions from Bob Galbally, the barrister acting for Ralph Blewitt. [Read more…]