Backflip on banking royal commission
- Created on Thursday, 30 November 2017 23:25
The announcement of a banking Royal Commission shows that Malcolm Turnbull takes direction from the big banks, not the Australian people. The Prime Minister caved on demands for an inquiry into the big banks only after they gave him permission to do so. That doesn't give any one faith in the terms of reference.
The Royal Commission must focus on where the real power is, the bank executives who profited from ripping off Australians’ savings, life insurance and superannuation – not the frontline workers.
Banks aren't super
Big banks can’t be trusted with workers’ money. They’ve been forced to refund or compensate their customers $480 million in the past two years. Unions proudly constructed super funds for the benefit of our members. It is critical that the government abandons its attempt to give working people’s super over to the big banks by trying to kick workers’ representatives off of superannuation boards, and imposing regulation on Industry Funds that the banks don’t have to abide by. And yet bank-owned superannuation funds have on average underperformed industry super funds by 2% per year over the past 15 to 20 years.
Turnbull is threatening all industry funds such as Vision Super and HESTA, which means your retirement savings are under attack. Once again, the government doing the banks bidding.