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Taking action on the Banking, Superannuation & Financial Services Royal Commission – Four weeks of Government action

Media Releases

Date : 01 March 2019

THE HON JOSH FRYDENBERG MP
Treasurer

MEDIA RELEASE

1 March 2019

TAKING ACTION ON THE BANKING, SUPERANNUATION & FINANCIAL SERVICES ROYAL COMMISSION
FOUR WEEKS OF GOVERNMENT ACTION

The Coalition Government is getting on with the job of restoring trust in Australia’s financial system, taking action on all 76 recommendations contained in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and, in a number of important areas, going further.

Since receiving the Final Report on 1 February 2019, four weeks ago today, the Coalition Government has:

In contrast, it took 18 days for Bill Shorten and Labor to provide a ‘full’ response to the Final Report, keeping up the pretence that they would accept all 76 recommendations, even though that turned out not to be the case.

They have also proposed ill-conceived and flawed legislation, contradicted Commissioner Hayne’s clear advice in regard to compensation, tried to pass off Coalition Government initiatives as ‘new’ ideas and backed down on bungled and reckless legislative amendments.

When it comes to responding to the Royal Commission, the Coalition Government is focused on delivering better consumer outcomes, while maintaining the flow of credit and continuing to promote competition. This is part of our plan for a stronger economy.

Australia cannot risk a return to Labor.

Ends

 

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