ABA: Royal commission ‘unwarranted’ banks already changing

The Australian Bankers’ Association has said in a statement “Our banks do not fear scrutiny or accountability.”

They have also said $75m Royal Commission is unwarranted. They also claim that and fails to Australian banks are “already changing, currently undergoing the largest reform program in decades.”

“However, the continued political turmoil and uncertainty presented an unacceptable risk to the stability of our system, the reputation of our banks and the interests of our customers, employees and shareholders.”

They also stated that Australia’s banking and financial system “is too important to leave in the hands of minor parties and fringe elements in the Parliament.”