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.”
