Union steps up campaign for banking Royal Commission

Published: 28 Nov 2016

The CFMEU has renewed its call for a Royal Commission into Banks, vowing to step up its campaign to push for the inquiry, calling on the Senate to stand up and be counted.

Speaking after the CFMEU National Conference on the Gold Coast, which was also attended by the MUA and the TCFUA, National Secretary Michael O’Connor said:

“From failure to pass on interest rate cuts, to rampant credit card profits, to scandals in financial planning, barely a day goes by without another story of banks ripping off ordinary Australians.

“Our members and ordinary working Australians are unwillingly bankrolling the relentless profits of bank shareholders, and criminal CEO salaries.

“People have had enough of it.”

The CFMEU has been campaigning for a number of months for a Royal Commission into the Banks and will increase activity in the coming months.

“We have had a very strong reaction to our campaign, and we know that people are watching this space.

“Our Senators need to put their money where their mouth is.

“It’s time for Nick Xenophon, One Nation, Derryn Hinch and the rest of the cross bench to do something.

“Let’s be very clear about it. These banks are Malcolm Turnbull’s mates and he’s about to give them a $7 billion company tax cut.

“On behalf of our members, we intend to hold both the Government and the Senate cross-bench accountable for the absolute stench that surrounds the banks.”