Pauline Hanson Insists Banks Must Pay for the Royal Commission
MEDIA RELEASE
Queensland Senator Pauline Hanson has called on the Federal Government to pass the cost of the Banking Royal Commission back onto the banks, while adding corporate tax cuts to the sector should be quarantined so that victims are guaranteed to receive compensation.
Just four months after the Royal Commission into the Misconduct in the Banking, Superannuation and Financial Services Industry was established, Senator Hanson has described the sectors behaviour as “inexcusable and a betrayal of all Australian’s trust”.
“Malcolm Turnbull told One Nation Senators that a Royal Commission would never happen after we were first elected. I negotiated a One Nation led inquiry into Lending to Primary Production Customers, knowing the damning evidence would eventually lead to no other choice for the Prime Minister but to support the Royal Commission.”
“What we’re seeing is just the tip of the iceberg when it comes to the behaviour of banks, superannuation and financial services and I will persist in my call for the Government to extend the reporting period so that the Commissioner can broaden his scope to include liquidators, administrators and receivers. The Commission must also investigate mortgage insurance that is gouging home buyers at a time when buying a property couldn’t be tougher for families.”
“While One Nation have shown its support for reducing company tax to 25%, banks should not receive the benefit of these cuts until customers who have suffered are compensated for the wrong doing they’ve experienced.”
“I’m not talking about a carve out. I’m suggesting the Government quarantine the 5% saving so that customers who have been wronged can be repaid and compensated in full.”
Under the Government’s enterprise tax plan, banks would not expect to receive corporate tax cuts until 2026 – 27, with Senator Hanson suggesting the sector would need to settle with victims early to avoid losing any potential tax cuts.
“The Coalition have been tough on Unions and blue collar crime, but when it comes to the banking sector they’ve been very weak handed. I have no sympathy for white collar criminals and nor should the Government. It’s time there was a crack down and if it means a few bankers end up behind bars, I say good.”
Senator Hanson would like to see banks go back to the basics of banking instead of trying to up sell customers with products that have nasty, hidden, high commissions.
