.corybernardi: What they should be doing is breaking the banks up into deposit and loan making institutions, taking away their foreign exchange trading and punting with everyone's money. MORE: PMLIVE
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Royal commission 'no brainers' can be legislated next week: Bowen | Sky News AustraliaShadow Treasurer Chris Bowen says some of the 76 recommendations stemming from the royal commission into the banking and financial sector can be passed through parliament as early as next week.\n\nThe Coalition says it will carefully assess the report's findings, which included stricter penalties for negligent mortgage brokers and greater oversight of financial advisors.\n\nMr Bowen says the government should look to legislate some of Commissioner's Kenneth Hayne's 'no brainer' recommendations when parliament resumes next week\n\nHe told reporters on Thursday that government should extend the days parliament sits before the election in order to legislate a substantial amount of the commission's recommendations.\n\nParliament is due to sit for ten days prior the next election.
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Leaked ASIO advice on border bill referred to AFP | Sky News AustraliaA security briefing - reportedly based on ASIO advice - that was leaked to the Home Affairs department, has been referred to the Australian Federal Police. \n\nShadow Treasurer Chris Bowen has condemned the leak stating that the information is 'classified for a reason', with Labor confirming it did not receive the briefing.\n\nHome Affairs Minister Peter Dutton has called on Bill Shorten to oppose proposed laws which would change how medical transfers for asylum seekers in offshore detention are processed. \n\nThe briefing warns that changes to refugee transfers would compromise border protection.\n\nImage: News Corp Australia\n\n\n\n\n\n\n\n
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Tempers fray at Labor's franking credit inquiry | Sky News AustraliaA protestor has interrupted a parliamentary committee into Labor's proposed changes to franking credits, labelling the inquiry 'a sham'.\n\nThe move comes after Liberal committee chair Tim Wilson was accused of having a conflict of interest.\n\nLabor MP Matt Thistlethwaite says Mr Wilson is a shareholder in a company that has been leading an inquiry against Labor's franking credits policy, which was not declared during public hearings.\n\nLabor's controversial policy will end excess cash refunds paid to retirees and superannuation funds, and if implemented will net the budget bottom line with $55.7 billion within two years.\n\nThe policy has been vehemently opposed by some self-funded retirees, who claim the move is a 'death tax by stealth.'
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Royal commission 'no brainers' can be legislated next week: Bowen | Sky News AustraliaShadow Treasurer Chris Bowen says some of the 76 recommendations stemming from the royal commission into the banking and financial sector can be passed through parliament as early as next week.\n\nThe Coalition says it will carefully assess the report's findings, which included stricter penalties for negligent mortgage brokers and greater oversight of financial advisors.\n\nMr Bowen says the government should look to legislate some of Commissioner's Kenneth Hayne's 'no brainer' recommendations when parliament resumes next week\n\nHe told reporters on Thursday that government should extend the days parliament sits before the election in order to legislate a substantial amount of the commission's recommendations.\n\nParliament is due to sit for ten days prior the next election.
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'No teeth' in banking royal commission recommendations: Creighton | Sky News AustraliaThe banking royal commission report was 'big on rhetoric' but 'had no teeth', says The Australian's economics editor, Adam Creighton.\n\nMr Creighton told Sky News the report was 'scathing', but of the 76 recommendations, forcing upfront payment to mortgage brokers was the only one 'with teeth' and the only measure the government hasn't supported.\n\nNational Australia Bank chief executive Andrew Thorburn and chairman Ken Henry resigned from their posts on Thursday in a bid to appease angry investors in the wake of the royal commission.\n\n
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Bank stocks soar in wake of royal commission | Sky News AustraliaSoaring bank stocks have sparked the biggest one day rise in more than two years on the local share market after the release of the final banking royal commission. \n\nInvestors injected $19 billion back into the market after Kenneth Hayne’s report was released on Monday afternoon. \n\nThe surge is understood to be the result of investors’ relief that the final report would not devastate the sector. \n\n\n\n
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Karen Andrews dismisses Labor's banking royal commission as a ‘stunt’ | Sky News AustraliaIndustry Minister Karen Andrews has told Sky News the government isn’t going to be ‘pushed into making rash statements’ in the wake of the banking royal commission. \n\nOn Monday, the commissioner delivered 76 recommendations to improve the banking, super and financial sectors. \n\nAfter the report was released, the Opposition accused the Coalition of ignoring about 14 of the recommendations. \n\nMs Andrews says Labor is ‘trying to start yet another stunt’, arguing the government will need to ‘take time to go through all the recommendations and what the implications are going to be’. \n\nThe government has indicated it will take action on all recommendations. \n\nImage: Twitter \u002F karenandrewsmp\n\n
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No clear indication banking royal commission was leaked: Creigton | Sky News AustraliaThe Australian's Economic Editor Adam Creighton says it's not clear whether the banking royal commission was leaked before it was officially handed down by the government on Monday.\n\nLabor is urging the finance department to investigate whether the report was leaked to investors prior to its official release, prompting a buy-up in bank shares.\n\nCommissioner Kenneth Hayne's report was handed to the Coalition on Friday before its release to the public the following Monday.\n\nPrior to the government handing down the report, investors bought half a billion dollars worth of bank shares, netting them a profit in excess of $22 million dollars within 24 hours.\n\nMr Creighton says no one knows whether anyone passed the details onto investors prior to its release, since people could have guessed that Commissioner Hayne was not going to 'come down hard' on the financial sector.\n\n\n
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Calls for investigation into possible banking royal commission leaks | Sky News AustraliaLabor has called for an investigation into possible leaks prior to the release of the final banking royal commission report. \n\nThe Opposition has written to the Prime Minister’s department demanding a probe into leaked allegations. \n\nDespite the release of the damning report, share markets surged on Tuesday after financial markets opened. \n\nTreasurer Josh Frydenberg has denied any market participants were given information about the report before it was made public on Monday. \n\n\n\n
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