July 12, 2023
Katter's Australian Party (KAP) MP Bob Katter has called for urgent reform of Australia’s Banking sector arguing that it is necessary to protect individuals and their businesses, and the current inquiry was simply a banking PR and marketing exercise, dressed as a Parliamentary Inquiry.
On the July 12 and 13 the Economic Committee will ask questions of the CEO’s of Australia’s four major banks (ANZ, Commonwealth, NAB and Westpac) concerning “the promotion of economic dynamism, competition and business formation”.
“This is a couple of fancy and non-specific words. Seriously what are they investigating? Mr Katter said.
“If we are to have an inquiry into the banks it should investigate allegations of equitable fraud, unconscionable conduct, predatory lending and failure to appropriately investigate and remedy complaints.”
Mr Katter said that it was his understanding that various legal proceedings have historically, and are currently in the pipeline to, investigate such behaviour. However, these proceedings were costly.
“Banks can throw large sums of money and a whole team of experts to ensure they never get called to account.
“A farmer that has had his farm revalued and then sold from underneath him should not have to use whatever money is remaining flighting a legal battle to achieve a fair and just outcome.
“A Parliament Inquiry should be a Parliament Inquiry – people should be able to rely on their elected representatives to ask the hard questions and provide the right remedy.
“Time after time I have raised concerns publicly and privately about the practices of the banking industry – yet here we have an inquiry that will only skirt around the edges.”
He said the four banks fronting this inquiry controlled some 80 percent of the market and that rigorous questioning of historical practises and reform to rectify issues could increase public confidence and provide a secure future reducing the risk of future legal proceedings.
“Having a robust banking system is essential to a strong economy. However, if historically questionable practices remain investigated and such practices are allowed to continue the long-term stability of the banking sector and Australia’s economy will be compromised.
“The hard questions need to be asked now. Parliament needs to ask these questions and ensure the reform.”
Mr Katter emphasised that Australia’s economic future was dependent on a robust banking sector.
“Parliament’s job is to ensure that greed doesn’t get the better of the banking industry.”