Why we need a Royal Commission into Australian banks and financial services

Calls for a Royal Commission into Australian Banks and financial services have so far fallen on deaf ears.

The reasons why a royal commission is urgently needed include:

• Entrenched ongoing fraudulent (possibly criminal) financial advice provided by the Commonwealth bank that has resulted in the losses of tens of millions of investors money.
• Banks rigging interest rates. Commonwealth Bank, ANZ, Westpac and National Australia Bank are all under official investigation by ASIC and have been served with official notices.
• The Australian Senate inquiry demanded a royal commission into Commonwealth Bank and ASIC
• The failure of "self regulated" banks and other financial services companies to deal with corrupt and illegal activities within their businesses.

Predictably, some major Australian banks oppose a Royal Commission into their conduct.  What have they got to hide?

Labor now supports a Greens move for a Royal Commission into financial services.  Some Coalition politicians such as Warren Entsch also support this.

Prime Minister Turnbull has dismissed calls for the Royal Commission, describing it as a "thought bubble".  Ministers Josh Frydenberg and Peter Dutton have also parroted the "thought bubble" dismissal.  

It is quite clear that Turnbull, Frydenberg and Dutton are putting a massive cover-up of corporate banking fraud ahead of the public interest.  Perhaps the large political donations that banks all make to the Liberal and National parties influence this curious response?

I don't think that the Commonwealth bank losing tens of millions of retirees and other investor money due to illegal and fraudulent practices is a "thought bubble".  Nor is collusion between banks to manipulate interest rates. 

I think it essential that the financial sector in Australia abides by laws and is held accountable and penalised for illegal activities if and when they occur.

External links

• Commonwealth Bank compensation scheme for victims of financial planning scandal 'a joke', Senate inquiry hears - ABC News
• Bank hearings to pry into interest rate rigging afr.com
• Senate inquiry demands royal commission into Commonwealth Bank, ASIC - ABC News
• Labor takes aim at big banks, promising royal commission if elected - ABC News
• NAB, ANZ bosses say calls for royal commission in banking a 'serious distraction' - ABC News
• Pressure on Turnbull over banks as three more Nats MPs speak out on royal commission. Sydney Morning Herald. 
• 'Captain's call': Lib MP lashes Malcolm Turnbull and ministers for opposing bank inquiry 

A tale of two newspapers

Reza Barati, an Iranian asylum seeker incarcerated at the Manus Island "offshore processing centre" in Australia's care was murdered by security guards on Thursday 20 February. The Age (Melbourne) put this story on its front page with further information inside on page 2.

In the Herald Sun (Melbourne), the same story appears for the first time on page 15, with very little information provided.  A leggy model and a local murder is featured on its front page.

This is good example at the extreme bias of the Murdoch-owned Herald Sun towards the Abbott LNP Government.   Bad news stories about Labor are paraded on their front page, while bad news stories about the LNP are relegated much further back.

It is interesting that Herald Sun editorials and some journalist recently stridently attacked the ABC for "alleged bias against the LNP government" supporting claims to that effect made by Prime Minister Tony Abbott.

How do these people lie straight in bed?

The extremely biased Murdoch press and Tony Abbott attack the ABC when they report both sides of a story (such as allegations that Navy personally deliberately inflicted burns on asylum seekers in a boat they were turning back to Indonesia).

Mr Abbott, we need a Royal Commission into the Navy hand burning allegations, and into the Australian Navy's repeated incursions into Indonesian waters!

Sorry, I forgot, Royal Commissions are only held as witch hunts to score points against the Opposition (e.g. home insulation and union corruption).

These are dark days for Australia.  Our international reputation is being trashed by the Abbott government's human rights abuses against asylum seekers, and Abbott's often repeated lie that is "illegal to seek asylum in Australia" when it is not.

Leunig summed things up nicely.

Rest in Peace Reza Barati

External links

• Iranian asylum seeker killed on Manus Island named Reza Barati, The Age
• Petition | Allow journalists access to the Manus Island detention centre, Change.org :