Banking Royal Commission report should be released 1 Feb: Labor

Labor Shadow Treasurer Chris Bowen has called on the Government to release the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry as soon as it is received.

The Banking Royal Commission is due to give its final report to the Governor-General by 1 February 2019.

“It is in the national interest for the Australian people and victims of banking scandals to be able to access the Hayne Banking Royal Commission’s final report and form their own views, at the earliest opportunity,” said the Shadow Treasurer.

Mr Bowen said he had written to Treasurer Frydenberg, asking that the release of the final report of the Banking Royal Commission be released “as soon as practicable after it is received by the Government”.

“The Liberal Party has no excuses not to release the final report of the Hayne Royal Commission when they receive it on 1 February.”

“Josh Frydenberg released the Royal Commission’s interim report on the day they received it – and that was appropriate,” Mr Bowen noted. This also happened to be the Friday before grand final weekend.

The Government is waiting on the Royal Commission report before finalising its response to the recently released report by the Productivity Commission into the superannuation system.

“The Government’s handling of the Banking Royal Commission has been woeful from start to finish, having voted 26 times against establishing one and refusing to extend it to hear from more victims of banking scandals,” said Mr Bowen.

He said that not releasing the final report immediately would “unnecessarily politicise the handling of the report and give rise to potential material market risks around leaks of all or part of the report.”

“Labor called for this Royal Commission, Labor fought for this Royal Commission, Labor will establish a Financial Services Royal Commission Implementation Taskforce, and Labor will work day and night to protect Australian businesses and consumers from this appalling misconduct.”

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