Category Archives: Banking royal commission

Australian car buyers launch class action against Westpac over alleged secret dealer commissions

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Hundreds of thousands of buyers allegedly paid as much as three times the normal bank interest rate when arranging finance through a car dealer

Law firm Maurice Blackburn has launched a class action lawsuit against Westpac on behalf of hundreds of thousands of car buyers who were sold vehicle loans under a deal that allegedly allowed dealers to secretly pocket vast commission payments.

Dealers were able to maximise commissions Westpac and its subsidiary, St George, paid them for selling the loans by charging some customers as much as three times the bank’s going interest rate, it is claimed.

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Labor attacks Josh Frydenberg for failing to meet banking royal commission deadline

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Labor claims that although six of the recommendations have been implemented, the government has fallen behind their set timeframe

Labor has attacked treasurer Josh Frydenberg for falling behind on the government’s promised timetable for turning the recommendations of the banking royal commission into law.

On Friday, to coincide with the first anniversary of royal commissioner Kenneth Hayne’s final report, Frydenberg said the government was “on track to meet the accelerated timetable” to implement royal commissioner Kenneth Hayne’s 76 recommendations.

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What happened? The policies Scott Morrison’s government appears to have abandoned

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Action to protect LGBT students, a payday lending crackdown and an integrity commission are among the Coalition’s lost causes

Governments should be judged not just on what they do with their time in office but also on what they don’t do.

There are only so many hours in a day, and so many parliamentary sitting weeks in a year (there were just 10 since the May election). Nevertheless it’s important to know not just what the top priorities are but also what’s been pushed to the backburner.

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Coalition should consider increasing bank levy, Labor’s Jim Chalmers says

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Shadow treasurer calls for new banking inquiry after major banks failed to pass on full interest rate cut

Labor says the Morrison government should consider increasing the bank levy in response to the failure by the big players to cut interest rates in line with the central bank, and look at broader measures to boost competition in the sector.

The shadow treasurer, Jim Chalmers, told Sky News on Sunday the government needed to sign off on a new inquiry into competition in the banking sector by the Australian Competition and Consumer Commission, and consider all options, including hiking the bank levy, after the major banks declined to pass through the full rate reduction following the Reserve Bank’s latest cut to the official cash rate.

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Government refers Crown allegations to integrity commission – politics live

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Attorney general responds to crossbench calls for inquiry. All the day’s events, live

Siri: what is the definition of “a punish”?

David Gillespie saddles the despatch box, and therefore us, with Michael McCormack, which gives me the permission I needed to go make a cup of tea.

“All politics is local, as it should be,” says Sliced White.

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Michaelia Cash demands apology after Senate grilling – politics live

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Senate estimates continue, with three senior ministers in Labor’s spotlight. All the days events, live

Ugh. Now that I have wrestled with tech demons, I can tell you that as expected, the motion to suspend standing orders goes down, 69 to 74.

The division is called – to see if Labor can suspend standing orders.

It does not look like the Nationals will be backing it.

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Labor starts fightback on border security as medical evacuation bill passes Senate – as it happened

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Labor, the Greens, Tim Storer, Derryn Hinch and the Centre Alliance vote in favour of the refugee transfer legislation. This blog has now closed.

That is where we will leave you today. It’s been a big week and after the last few days, I think we all need a bex and a lie down.

Obviously, for me, when I say bex, I mean vodka, but insert whatever self-care aid is necessary.

From the valedictories

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Bill Shorten demands extra sitting weeks to fast-track banking reforms

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Labor leader says failure to act will show Coalition ‘putting the interests of the big banks’ first

Bill Shorten says Scott Morrison must schedule two extra sitting weeks in March to fast-track the legislative changes recommended by the banking royal commission, saying failure to act quickly will show voters the government is “putting the interests of the big banks ahead of them”.

As Morrison signalled executives of the National Australia Bank should reflect on Kenneth Hayne’s “sharp” assessment of their conduct, Shorten wrote to the prime minister on Tuesday, declaring it was critical the reforms be legislated as soon as possible, and demanding two extra sitting weeks be scheduled in March.

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