Treasurer’s plan for a ‘tough cop’ banking investigation

By Ryan Leggatt, Sydney


Treasurer Scott Morrison said today that the Federal Government will institute a tax on banks to fund a further $121 million commitment to the Australian Securities and Investment Commission (ASIC).

He has further stated that this will be done in preference to the Opposition’s push for a Royal Commission investigation on corruption in banking, stating that the Opposition’s position is “Rank Populism”, and that the biggest cuts to financial security were under the previous Labor Government.

Treasurer Scott Morrison
Treasurer Scott Morrison

Prime Minister Malcolm Turnbull has spoken out against a Royal Commission into Banking, as well as a Federal Independent Commission into Corruption, saying that ASIC has as much power as a Royal Commission, while also having prosecutorial power.

The Opposition leader has spoken out against the move, stating the government has been the biggest withholder of funds to ASIC, and that only the depth of a Royal Commission could suffice. Labors plan would institute a $57 million budget over 2 years.

This comes to light after a leaked script for an advertisement for a suspected Budget campaign to air after the Double Dissolution the Prime Minister has stated will initiate within the next few weeks. The stir around banking corruption comes after the investigation into the Panama Papers were announced within the last few weeks, uncovering banking and political corruption on the highest levels around the world.

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