Prime Minister confirms a Royal Commission into the Financial Services sector
Following an extended period of discussion, Prime Minister Malcolm Turnbull confirmed Cabinet has met this morning and has determined the only way we can give all Australians a greater degree of assurance is a Royal Commission into misconduct in the financial services industry. This follows an extended period of political pressure with threats by members of the National Party to cross-the -floor to initiate an inquiry. Finally, this morning the Chairmen and CEOs of the four Major banks wrote to the Federal Treasurer Scott Morrison stating ” it is now in the national interest for the political uncertainty to end. It is hurting confidence in our financial services system.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
