News National Shorten says he’ll fast-track banking reforms

Shorten says he’ll fast-track banking reforms

Dodgy loans are in Labor's sights. Photo: Getty
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A crackdown on dodgy car loans and a faster end to trailing commissions are among Bill Shorten’s plan to fast-rack reforms recommended by the royal commission into the banks.

Releasing Labor’s own legislation to tackle the reforms now, Mr Shorten has again urged the Prime Minister to recall Parliament to deal with the matter, warning Parliament may not sit again after the budget week until August as a result of the 2019 election.

Mr Shorten pledged to fast-track a ban trailing commissions a year earlier than planned, ensuring car dealers offering loans are subject to the same rules as other lenders and a crackdown on funeral insurance groups targeting Aboriginal communities.

The Labor Leader accused the Prime Minister of running “a part-time Parliament” and delaying the clean-up of the banks.

“These new laws go towards protecting people against dodgy car loans,” Mr Shorten said.

“They go to protect people against funeral insurance rip-offs. They go to protecting people against poor insurance claims handling.

Now, we make this request of the current government, set some sitting days in Parliament so that we can deal with the laws.”

And Mr Morrison will have to explain to people – what is it in these laws that he doesn’t agree with?

“They voted against it 26 and now they’ve gone on a go-slow with a part time Parliament, because once Parliament rises at the end of this week, there’s only three days of Parliament, realistically, before August. That’s too long. The victims have waited too long.”

In Parliament, the issue dominated question time.

“Why is the Prime Minister putting the banks ahead of the people, just like he did when he voted against the banking royal commission 26 times?,” Mr Shorten asked.

However, the Prime Minister made it clear he was not going to be rushing the reforms.

“What the government is not go to do is engage in reckless legislation,” Mr Morrison said.

“Our government doesn’t do that. What the leader of the Labor Party did in this place last week was to engage in reckless legislation to undermine Australia’s border protection regime. We’re already seeing the unintended consequences of it already.”

The Prime Minister described the Hayne report as raising serious issues warning “it requires a very serious response.”

“That’s what the government is doing in responding and taking action on all 76 recommendations of the royal commission. We will do so in a way that follows the proper process of getting legislation right,” he said.

“The Labor Party have had 15 days to respond to the royal commission, and what they announced today, it sounds like they spent 15 minutes, putting it together.

“We know the Labor Party rushes legislation, the consequences are catastrophic.”