Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 24-Apr-18
Prime Minister Malcolm Turnbull concedes that it was a "political error" not to have set up a banking royal commission in 2016. However, he states that the inquiry now has much wider terms of reference than it would have had at that time. The Federal Government has cracked down on the sector in recent years, with reforms such as the Banking Executive Accountability Regime and a requirement that bank executives appear before a parliamentary committee on a regular basis. Turnbull has committed to implementing any additional reforms that are recommended by the royal commission.
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA