A screen-grab from a video showing Prime Minister Malcolm Turnbull during a press conference at Parliament House in Canberra on Sunday, Sept. 11, 2016. (AAP Image/Adrian Muscat) NO ARCHVING
A screen-grab from a video showing Prime Minister Malcolm Turnbull during a press conference at Parliament House in Canberra on Sunday, Sept. 11, 2016. (AAP Image/Adrian Muscat) NO ARCHVING ADRIAN MUSCAT

LETTER: Turnbull must get tough on big banks

WE NEED a Royal Commission into the banking and financial services industry.

The facts are clear: too many Australians, including people across Ipswich and the Somerset Region have been left financially ruined by their banks and financial advisers.

Malcolm Turnbull's response has been to defend the banking and financial services sector against the victims and whistle-blowers.

Initially he said there was nothing wrong with the banking and financial industry.

After giving the banks a "stern talking to” over lunch, he then established five different mechanisms to tackle problems he said did not exist, including this Liberal-controlled Parliamentary inquiry.

It is clear that Malcolm Turnbull will do anything to defend the big banks, including providing them with a $7.4 billion tax break, even though they make billion-dollar profits and their the CEOs have earned millions of dollars in salaries and bonuses

These are the same banks that have refused to pass on the Reserve Bank's rate cuts to mortgage holders and have reduced returns to deposit holders.

This three-day Liberal-controlled inquiry will not even scratch the surface.

The Turnbull solution is completely out of touch with people in places such as Ipswich and the Somerset Region. I have conducted 24 mobile offices since the election where people tell me they are fed up with the big banks. I receive phone calls, emails and letters from people around this electorate.

They want to get to the bottom of what is really taking place in this industry.

They want a chance to be heard. They want leaders who will stand up for ordinary people, who will fight for justice. They want a Royal Commission.

It is time for Malcolm Turnbull to stop protecting the banks and instead stand up for ordinary Australians.

SHAYNE NEUMANN

Federal Member for Blair



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