Media Release

Late last night on the last sitting of the year, KAP Member for Kennedy, Bob Katter helped bring about a motion for a Royal Commission into the financial sector. The motion was unsuccessful 75/74.

Mr Katter said, “The Royal Commission was recommitted because of Qld Nationals Member for Dawson George Christensen’s statements in the media that he would vote for a Royal Commission.

“George Christensen is only one, of the 76 Government Members, that has spoken up on a single issue on behalf of their constituents.

“The Parliament consists of conveyor belt yabber-yabbers that spend their time telling us how bad the other guys are. No one can deny that George is an exception to the rule.

“I ultimately believe that George Christensen will not dog-it. But he’s fully entitled to vote for a Royal Commission at a time and in a way of his choosing.

“When you hold hearings, every single bank apologises with mea culpas.

“When you hold hearings, the banks are consistently found to be of unconscionable conduct, inducement and duress and abuse of market power.

“In inland Qld you have a farmer doing away with themselves at the rate of one a fortnight.

“We still have a primitive lending regime – banks can go after you for outstanding debt after they’ve sold you up.

“The debt stays over our head for the rest of your life. You’re a debt slave for forever…

“When you look at all of this, well yes, we need a Royal Commission.

“When I had an insurance sales agency, if we sold contracts that people couldn’t afford. We’d be sacked and lose our agency. Banks do this every day of the week.

“Not only are they not punished they have a Government guarantee. How many businesses have a Government guarantee?

“When everyone in Parliament outside of the Liberals, Nationals and Pauline Hanson are demanding a Royal Commission, then you have to ask yourself what the Government has got to hide or maybe the more important question is who owns the Government?”

Motion from the Senate – voted on by the House of Representatives last night:

Notice of Motion

Senators Gallagher and Culleton

Mr President,

I give notice that, on the next day of sitting, I shall move that:

the Senate notes:

Confidence and trust in the financial services industry has been shaken by ongoing revelations of scandals, which have resulted in tens of thousands of Australians being ripped off, including:

Retirees who have had their retirement savings gutted;

Families who have been rorted out of hundreds of thousands of dollars;

Small business owners who have lost everything;

Life and disability insurance policy holders who have been denied justice; and

It is clear from the breadth and scope of the allegations that the problems in this industry go beyond any one bank or type of financial institution;

Labor, Greens, Crossbench, Liberal and National parliamentarians have supported a thorough investigation of the culture and practices within the financial services industry through a Royal Commission, which is the only forum with the coercive powers and broad jurisdiction necessary to properly perform this investigation;

Australia has one of the strongest banking systems in the world, but Australians must have confidence in their banks and financial institutions, making it necessary to sweep away doubt and uncover and deal with unethical behaviour that compromises that confidence; and

The case for a Royal Commission into misconduct in the banking and financial services industry has only become stronger over time; and

Therefore, the Senate calls on the Government to request His Excellency the Governor-General of the Commonwealth of Australia issue Letters Patent to establish a Royal Commission to inquire into misconduct in the banking and financial services industry, including their agents and managed investment schemes; and

this resolution be communicated to the House of Representatives for concurrence.

##ENDS##