Sunday 23rd of January 2022

the defense rests...

the defense case...


After months of pressure from his own side of politics, the Prime Minister has announced a royal commission into the banking sector.

Nationals senator Barry O'Sullivan, who was ready to introduce a bill forcing a banking inquiry, says he is happy the Government listened to its members, but another backbencher says Malcolm Turnbull had to be dragged "kicking and screaming" to the decision.

Follow all the day's political developments in our live blog.

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Reading this, you might think that "his (Trumble) own side of politics" was in favour of a Banking Royal Commission... Far from it. Just a couple members of his side of politics were promising to cross the floor of parliament, giving another defeat to Trumble. So Trumble is the smart politician he is, he caved in before being pummelled... Smarter than the average Joe ...


lifting a few heavy stones...

Nationals parliamentary leader Nigel Scullion has released this statement (after George Christensen’s press conference):

The federal Nationals have today welcomed the prime minister’s announcement of a royal commission into banks and financial services.

This comprehensive inquiry became necessary to restore trust and confidence in Australia’s banking and financial sector following years of concerns, particularly in rural and regional communities, about alleged misconduct and unethical behaviour by the banks.

The Nationals will always fight for the regional communities and rural industries we represent and we believe today’s announcement reflects our commitment and the government’s commitment to those communities and industries.

Despite the government putting in place a number of inquiries over recent years to examine and improve the conduct of our financial sector, it was clear there remained widespread community concern that only a royal commission could address.

A royal commission will put an end to the uncertainty and doubts about the misconduct of our banking and financial services industries once and for all.

Importantly, the royal commission will look at a range of financial services including banks, insurers, financial services providers and superannuation funds (not including self-managed superannuation funds). It will also consider how well equipped regulators are to identify and address misconduct.

For more information about the royal commission, including the draft terms of reference, visit


pulled by the ear like a naughty kid...



But the spectacle of a government being dragged kicking and screaming to conduct a royal commission it had utterly, repeatedly, indignantly opposed, until two days ago, was almost too much to take in.

Driven by the prospect of a humiliating loss on the floor of the Parliament, Prime Minister Malcolm Turnbull and Treasurer Scott Morrison did not mask their contempt in policy terms for a "regrettable" inquiry process to which they had just allocated $75 million and a heap of government attention and resources.

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Talking to meself in the blue corner.... a musing about the World Bank


dutton should go and wash his mouth with soap...


Peter Dutton says royal commission a chance to investigate union links to super funds

Immigration minister says banking royal commission regrettable but a ‘good opportunity’ to examine industry super funds

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Hey dumb-dumb... THIS ROYAL COMMISSION IS ABOUT THE BANKS robbing ordinary people, not about ordinary workers legally saving in superannuation for their future...


robbing people before the highwaymen did "the bank"?...

Commonwealth Bank has been hit with another 100 allegations of breaches of anti-money laundering and counter-terrorism laws, including failing to quickly report two suspicious matters relating to the financing of terrorism.

The Australian Transaction Reports and Analysis Centre (Austrac) filed an amended statement of claim to the federal court on Thursday. In it, the federal government’s financial intelligence unit updated the total number of alleged breaches by Australia’s largest bank to more than 53,800.

Among the latest allegations are that CBA failed to report terrorism financing suspicions within 24 hours, was either slow or negligent in reporting 54 suspicious matters relating to accounts or people under law enforcement investigation, and in 38 instances did not appropriately monitor risk, even after becoming aware of suspicious activity.

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sigh of relief...

The share market's reaction to the banking royal commission has been one of relief.

The big banks, as well as AMP, all saw their share prices surge within minutes of the report being tabled.

While some of this is due to their prices coming off a relatively weak base after being beaten by seven months of humiliating testimony, the fact the report did not recommend any major changes in the law helped investor sentiment.

Even Westpac, which had been sold off strongly earlier in the day after its second profit warning in recent weeks, rebounded strongly.


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busy dealing with the virus's bank accounts...

Federal Labor is outraged that regular Parliamentary scrutiny of the four major banks has been shelved as a result of the COVID-19.

The bosses of ANZ, Commonwealth Bank, National Australia Bank and Westpac were due to face the House of Representatives economics committee on June 12 and 26 as part of a twice-yearly interrogation that has been in place since before the banking royal commission.

But the June hearings have been cancelled by the Liberal-led committee, despite objections of Labor.

Liberal MP Tim Wilson who chairs the committee said it remains important that the banks are held publicly accountable.

“However, the banks are fully occupied in responding to the COVID-19 pandemic,” Mr Wilson said in a statement.

“Therefore, it is prudent to defer the hearings until the situation improves.

This comes just days after the Morrison government cancelled future federal parliamentary sittings until August, a decision that was also rejected by the opposition.


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