Government ‘won’t rush banks response’

But he acknowledged that meant there may not be a response to the inquiry until at least August, after the election likely to be held in May.


«It will be after the election, yes,» he said.

Labor leader Bill Shorten has called for two extra Parliament sitting weeks in March to ensure changes are made in response to the banking royal commission before voters go to the polls.

The opposition wants to expedite the commission’s recommendation to end grandfathered commissions for financial advice and change laws to ban the hawking of superannuation and insurance in line with other recommendations.

«It’s critical that these changes are legislated as soon as possible and I request that you recall both houses of Parliament,» Mr Shorten wrote on Tuesday.

The Coalition has said it will «take action» on all 76 recommendations.

A program for the Senate for the coming two weeks of Parliament includes a move to ensure superannuation fund trustees could face civil penalties for breaches of their best interests obligations.

It has also fast tracked for debate another piece of legislation known as the Protecting Your Superannuation package.




You may also like...