June 28, 2018
This week saw KAP’s focus placed squarely on the Royal Commission farm finance hearings at the Brisbane Magistrates Court.
This is significant because KAP leader Bob Katter had been fighting for a Royal Commission since he was the first to call for it in the Federal Parliament more than three years ago. . In this time, Bob has been battling the big banks in order to assist farmers that have reached out to him and told him of the unethical practices and bad behaviour that they have experienced, including being unfairly evicted from their properties. One such case is that of Charlie Phillott who became a national figure in 2015 when his story appeared on 60 minutes after being forced off his Carisbrooke property near Winton by the ANZ bank in 2013, despite never missing an interest payment on his loan. ANZ subsequently called a moratorium on further farm evictions and foreclosures and restored the outback station to Charlie with an apology.
In October 2016 Bob introduced the Banking Commission of Inquiry Bill 2016 and in March 2017 he introduced, the People of Australia’s Commission of Inquiry Bill 2017, with all the powers of a Royal Commission into the Parliament. In November 2017, Malcolm Turnbull announced that there will be a Royal Commission, however only after consulting and being instructed to do so by the big banks.
On Monday this week Bob introduced into the Federal Parliament the Banking System Reform (Separation of Banks) Bill 2018. This Bill is about protecting customers against the bad behaviour and highly unethical practices that have been exposed during the Royal Commission into the banking sector. The Bill will separate retail commercial banking activities involving the holding of deposits, from wholesale and investment banking involving risky activities.
Whilst the Royal Commission is a great step in identifying the unethical practices of the big banks, reform is needed to ensure that the banks can no longer get away with this bad behaviour and poor treatment of everyday Australians. Bob and KAP will not rest until we have seen the Commission through and brought about real change and ensured that justice has been served to all those affected.
Shane Paulger
KAP President