Government to move forward with banking royal commission response following Westpac – politics live | Australia news

Government to move forward with banking royal commission response following Westpac – politics live | Australia news


I’ve been consistent and clear. Decisions about who are on boards are matters for shareholders.

Decisions about who are on senior management teams are decisions for boards. But these alleged breaches are of the most serious nature. And there needed to be accountability.

You heard very strong language from our prime minister, from myself, and from other ministers, about the seriousness of these issues and the need for accountability at the bank.

I also want to point out that our financial services sector contributes about 10% of GDP, employs more than 400,000 Australians. It’s a vitally important sector to our economy.

And we need to continue to ensure that they uphold the highest standards of professionalism, but also that we have strong financial institutions.

Because it’s our banks that ensure the flow of credit to households for their mortgages and for other borrowings and to businesses as they continue to innovate, to expand, and grow.

So it’s very important that we have a financial services sector that only upholds the highest standards of professionalism, that that continues to prosper, and to support the Australian economy.



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