CFMEU calls for royal commission into big banks

Published: 8 Mar 2016

The CFMEU is today calling for a royal commission into Australia's big banks, after further revelations of gross misconduct and scandal in the banking sector.

It was revealed late yesterday that Commonwealth Bank's life insurance division, CommInsure, repeatedly held back payments to sick and dying policyholders in a shocking display of corporate greed.

CFMEU National Secretary Michael O'Connor urged the Turnbull Government to act on calls for a royal commission, describing this latest scandal as just one in a long line of corporate rip-offs perpetrated by the big banks.

"Here we have again another appalling example of big banks going after the community," he said.

"We are sick and tired of hearing about big banks ripping people off. It's time the government stopped protecting its mates and finally stood up for the Australian community.

"This government was quick to jump on trade unions because it suits its political agenda, let's see how quickly they act when everyday Australians are being cheated by the big banks.

"The CFMEU welcomed calls from the Labor Party and Nationals Senator John 'Whacker' Williams for further government scrutiny into big banks.Mr O'Connor said any royal commission should be wide ranging and delve deep in to the underbelly of the Australian financial sector.

"If the government spent more time looking at the scandal-plagued big banks rather than going after well performing industry super funds, we would all be better off," he said.

"This latest scandal is abhorrent but it doesn't come as a surprise. The big banks operate under protection from the government and regularly and deliberately manipulate and defraud the Australian people.

"It's time the government stood up to the big banks rather than letting them dictate the play, especially when it hurts the community."