with
STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM

Nearly two years after the Banking Royal Commission’s final report, the Morrison Government has introduced legislation that will dismantle consumer protections, abandoning the report’s first recommendation.
 
Only this Government could find a way to undermine the Banking Royal Commission and consumer protections on the same day that they introduce legislation which is supposed to implement the recommendations of the same Royal Commission.
 
Scott Morrison and Josh Frydenberg’s assault on consumer protections is a slap in the face for every victim of banking misconduct who came forward to the Royal Commission.
 
While the Morrison Government is trying to make a virtue of its overdue implementation of some Royal Commission recommendations, it is ripping away consumer protections for millions of Australians.
  
Retaining responsible lending laws in their current form was the Royal Commission’s very first recommendation, which the Government supported.

Commissioner Hayne himself described them in his report as “critical” in ensuring good faith negotiations on loan products between banks and customers. 
 
Unwinding responsible lending laws risks a return to the bad old days of predatory bank lending, was not called for by the banking sector, and has been slammed by consumer groups.
 
The Liberals never really believed in the Banking Royal Commission.
 
Scott Morrison voted against the Banking Royal Commission 26 times. 
 
Scott Morrison and Josh Frydenberg were running behind on their own implementation roadmap for the Royal Commission before the crisis and instead are now indulging in ideological obsessions to de-regulate the financial services sector.
 
Labor will support the Bill on the Hayne Royal Commission response and will be moving amendments to further protect consumers.
 
But the Government’s new plan to undermine consumer protections is not a plan for jobs or recovery, and could entrench financial hardship after the worst downturn in almost 100 years.
 
Labor will ensure that Australians get the protection they deserve and were promised.
 
WEDNESDAY, 9 DECEMBER 2020