A Coalition backbench plan for a new banking tribunal appears to have been dropped by the Turnbull government, after an expert review found it was not needed.
Recall the words of Do-nothing Malcolm:
In October, Prime Minister Malcolm Turnbull said the government was preparing to set up a low-cost tribunal for victims of poor practices by Australia’s biggest banks, amid pressure from Labor for a royal commission, and calls by Queensland Liberal MP Warren Entsch and Nationals senator John “Wacka” Williams for a new consumer-focused tribunal.
After calling the bosses of the big four banks to face parliamentary hearings in Canberra, Mr Turnbull said a new tribunal was a proposal the government was “working towards”.
“What we are working towards is having one tribunal that deals with consumer claims in the most cost-effective and speedy way to get these matters resolved,” he said.
“This will be real action, this is an example of my government governing.
“Taking action now with these problems now, not kicking them off into the long grass of a royal commission for years and years and hundreds of millions of dollars.”
Today from Domainfax we get Jeff Kennett’s take on the fisaco:
He said the government decision to walk away from the establishment of a banking tribunal in favour of a revamped ombudsman system was both confusing for voters, who thought the government was going to set one up, and the wrong decision overall.
The tribunal proposal sprang out of the parliament inquiry the government established into the banks as it sought to stave off calls for a royal commission. After initially backing the idea, Mr Turnbull then backed away in the wake of yet another review’s interim report which advocated a move away from tribunal structures.
“This is confusing, unnecessarily confusing. Whether it is a broken promise is immaterial, it is confusing to the electorate as we were promised a tribunal,” he said.
…”It would be good PR for the banks, good PR for the government and a good outcome from the complainant,” he said.
You have Do-noting Malcolm wrong, Jeff. He is not backing away from anything. This is a plan brought to fruition; pretend to do something then let the banks rip wherever and whenever they want.
Mission accomplished.This article was first published on: http://www.macrobusiness.com.au