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TOPIC: One Nation's Inquiry into Banks

One Nation's Inquiry into Banks 2 months 6 days ago #3323

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Feb 16 2017 at 11:00 PM Updated Feb 16 2017 at 11:00 PM

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Nationals fume as One Nation wins rural bank inquiry

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Senator Pauline Hanson has won a deal for a Senate inquiry into rural banks.
Senator Pauline Hanson has won a deal for a Senate inquiry into rural banks. Andrew Meares
Phillip Coorey

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by Phillip Coorey

The federal Nationals are fuming over a deal in which Pauline Hanson's One Nation will chair a parliamentary inquiry into the lending practices of banks to farmers.

The Nationals lashed out on Thursday, saying they were sick of being traded off against other third parties without consultation, as they were with the Palmer UnitedParty in the last term of Parliament.

The Senate Select Committee into Lending to Primary Production Customers was promised to Senator Hanson when she and her team first met Prime Minister Malcolm Turnbull in July last year.

Senator Hanson had demanded a royal commission into the banks but Mr Turnbull talked her out of it, saying a Senate inquiry would be quicker.

A One Nation spokesman insisted the promise was not in return for the minor party's support for any piece of legislation.

He said either Senator Hanson or Senator Malcolm Roberts will chair the committee, which will seek to call bank executives.
High bank discontent

Senator Roberts is no friend of the banks. He belonged to the international Galileo Movement and contends that international bankers are surreptitiously trying to gain global control through environmentalism.

The Nationals, who are under threat from One Nation, especially in rural Queensland where discontent with the banks is high, feel they have been undercut by their Coalition colleagues in their own constituency.

When the Senate voted on Thursday to establish the select committee, Queensland Liberal-National Senator Barry O'Sullivan boycotted the vote.

He, like his colleagues, believes One Nation will use the committee to steal the credit for the work that has already been done by the Nationals.

"The National Party has made no secret of the fact that we have been working long and hard on the issues surrounding debt loads and banking regulations in the rural sector," he told The Australian Financial Review.

"I consider this matter to be one of our most important 'bread and butter' issues we deal with in this Parliament. Good public policy takes time and there is significant work that goes on behind closed doors.
Heartland matters

"I do not believe my government should support a new inquiry that allows the crossbench to jeopardise the work of the National Party."

Mr O'Sullivan suggested One Nation was given the committee in return for passing legislation, saying there was no problem with Mr Turnbull "reaching sensible agreements" to secure the passage of bills.

"But I believe Liberal Party ministers should first consult the National Party Senate team before doing any deals with the crossbench on issues that are traditional, National Party heartland matters," he said.

NSW Nationals senator John Williams, who has devoted his political career to hounding the banks, is believed to be similarly aggrieved. He intents to sit on the committee and fly the flag for hs party.

The banking industry, under constant threat of a royal commission and ever-increasing government regulation, is watching the inquiry nervously.

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Read more: www.afr.com/news/nationals-fume-as-one-n...guea50#ixzz4YtgN0MHR
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Banking Royal Commission a Shorten ‘tyre pumping’ exercise

16 February 2017by Mike Taylor | 0 Comments

The Federal Treasurer claims the major beneficiary of a Royal Commission into the banking and financial services industry would be Federal Opposition leader, Bill Shorten.

The Federal Treasurer, Scott Morrison has continued to deflect calls for a Royal Commission into the banking and financial services industry claiming it would only serve to "pump up the tyres" of Federal Opposition leader, Bill Shorten.

Speaking on television, Morrison argued that the Government's responses in the form of a Parliamentary Committee review, better resourcing of the Australian Securities and Investments Commission (ASIC) and the involvement of the Small Business Commissioner were more effective than a Royal Commission.

"I think we have already seen from the Government's response, which has been significant, we have increased the resources for ASIC, we have increased the powers for ASIC, we have ensured that there is a greater transparency and accountability through the process with the House of Representatives Standing Committee," he said.
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Morrison said the Government also already had underway a review about more cost effective, affordable dispute resolution for bank customers along with the Small Business Commissioner working over many problematic cases.

"Now, why have I gone through all of that? Because that is actually getting outcomes for the concerns of people who have genuine issues with the banking sector," the Treasurer said.

"What a Royal Commission does is pump Bill Shorten's tyres up but doesn't give anybody anything if at all for years. So, that is a political exercise for a political hack."

"What we are doing is focusing on delivering real changes and on top of that we have seen banks respond themselves with their six points which they have been working through," the Treasurer said.
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