It seems the Banking royal commission is certain to be extended, with Treasurer Josh Frydenberg expressing his support:
Treasurer Josh Frydenberg says he will “favourably consider” any request to extend the banking royal commission, after the inquiry confirmed regulators had been far too soft on bad behaviour.
Mr Frydenberg has offered royal commissioner Kenneth Hayne more time to conduct his investigations, with an interim report due later this month and a final report expected in February.
“We will leave no stone unturned in getting a better financial system which is better customer-focused for the Australian people,” he told ABC radio on Monday.
Mr Frydenberg says corporate regulators “certainly have a case to answer” after failing to act on a litany of offences by financial institutions.The royal commission has uncovered numerous examples of customers being charged fees for no service, dead people being hit with bills, lying to regulators and hundreds of thousands of breaches on insurance advice.
“This is certainly not good enough,” Mr Frydenberg said.
“I want to understand why ASIC did not stamp out this bad behaviour and didn’t engender a better culture within the financial services sector.”
We already know that Labor and The Greens support an extension, as does key members in the National Party. Thus, there appears to be strong cross-party support.
The royal commission is a once-in-a-generation opportunity to shine a bright light on Australia’s financial sector, the findings of which could shape regulation for the next 30-years. It must not be rushed and should be given as much time as is needed to get to the bottom of the issues.
Extending the royal commission would also suit the Coalition politically. The last thing it wants is for the final report bombshell to be dropped just prior to the federal election, as this would play straight into Labor’s hands.
