A Banking Royal Commission is ON!

A Banking Royal Commission has been announced.

This from the ABC:

Malcolm Turnbull has announced a royal commission into the banking sector, after Australia’s big four banks wrote to the Treasurer asking for an inquiry to restore public faith in the financial system.

A letter signed by the chairpersons and chief executives of ANZ, Commonwealth, NAB and Westpac argued that even though the sector had long campaigned against it, such a measure was now in the national interest.

“Our banks have consistently argued the view that further inquiries into the sector, including a royal commission, are unwarranted,” the letter said.

“However, it is now in the national interest for the political uncertainty to end.”

 

 

 

 

Author: Martin North

Martin North is the Principal of Digital Finance Analytics

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