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Powerful lobbyists already fighting banking reform

Treasurer Josh Frydenberg says the Federal Government is being prudent in the way it’s implementing financial sector reforms.

They plan to have all 76 recommendations from the Banking Royal Commission in place by the end of next year.

But CHOICE warns that the path to reform won’t be easy, with industry lobbyists already fighting change.

CHOICE Director Campaigns and Communications Erin Turner told Oly Peterson that the Government needs to make sure it stands strong against very powerful lobbyists.

“One of the reasons we’re in this mess is because of all the loopholes and exceptions in our laws.

“It’s ridiculous that they’re pushing back on the basic reforms we’ve done before we even get on with the job of lifting standards further.”

 

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