CANBERRA, AAP – Shadow treasurer Jim Chalmers has accused the coalition of dragging the chain on banking reform two years after a royal commission handed down its final report.
Labor is marking the second anniversary of the inquiry’s landmark findings with an attack on the government over progress on implementing changes.
The opposition argues barely a third of the 76 recommendations have been implemented.
“The government is showing contempt for the banking royal commission and for the victims of misconduct in the financial services sector,” Dr Chalmers told reporters in Canberra on Thursday.
“When it comes to rorts and rip-offs in the banking system, Scott Morrison and Josh Frydenberg will always side with the banks over ordinary working Australians.”
The coalition argues it has implemented 70 per cent of the 54 recommendations directed at government, with the remaining 22 for regulators and industry.
The coronavirus pandemic led to a new timeline with the target for introducing legislation delayed by six months.
Dr Chalmers said government had ignored the first recommendation to keep responsible lending rules in place.
He rejected the coalition’s claims that Labor’s opposition to weakening the rules was holding up the flow of credit.
“Responsible lending is all about making sure that people don’t get in over their head,” he said.
“If you speak to the banks, they will tell you they are writing heaps of loans right now. These responsible lending changes are a solution looking for a problem.”