With the interim report into the banking royal commission due to be released tomorrow, Labor continues to pressure the Morrison Government to extend the inquiry:
Labor says only 27 victims have so far had their stories heard, out of more than 9300 submissions.
“If the banking royal commission needs to be extended in order to hear from more victims in more places – the Liberals must do it,” Labor’s financial services spokeswoman Clare O’Neil says.
“We’re particularly concerned the commission hasn’t been given the time to travel to more places in Australia – particularly regional areas – to hear from banking victims.”
The government has announced draft laws increasing the maximum jail penalties for certain criminal offences, and introducing a formula to calculate financial penalties for criminal offences…
But banking royal commissioner Kenneth Hayne QC has so far appeared unlikely to request an extension of the one-year inquiry, having set down a hearing on policy issues for November.
Why won’t Kenneth Hayne QC request to extend the royal commission? Labor wants it extended. The Nationals want it extended. And even the Morrison Government seems open to extending it.
By comparison, the Royal Commission into Institutional Responses to Child Sexual Abuse ran for nearly five years. So surely given the breadth and complexity of the financial system – encompassing the banking, superannuation and insurance industries – as well as the extent of malfeasance already uncovered, there is a strong case for a meaningful extension in this case?
A one year deadline is nowhere near enough to get to the bottom of the issues. The commission needs more time for proper evaluation.
What are you waiting for Mr Hayne? Lodge your extension pronto. 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.
