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Chaos in Parliament – Labor Try & Strike with a Banking Royal Commission

The good news is that Labor has proven in the first week of the 45th parliament, that addressing banking misconduct remains a high priority following on prominent calls for a Banking Royal Commission during the 2016 election.

The Malcolm Turnbull led coalition remains opposed to a Royal Commission.

On THursday September 1, Labor was within striking distance when it brought a motion calling for a banking royal commission, which had earlier that day cleared the Senate to refer to the lower house for consideration.

The Bankwest class action would welcome a Royal Commission, and believes it is necessary to access documents relating to the Commonwealth Bank of Australia’s acquisition of Bankwest in late 2008 and subsequent use of constructive defaults to foreclose on 1958 performing loans.

Once documents are obtained, specialists can forensically examine the entire matter and hold senior executives responsible for the conduct to account.