Morally Bankrupt – Australia’s Banking Crisis

Thursday 18 Jan 2018

The ACTU has launched an online tool for victims of criminal and unethical activities by the big banks to submit their stories, which will then be presented to the Banking Royal Commission.

The Turnbull government were dragged kicking and screaming after a strong Australian Unions campaign to demand a proper investigation into the big banks. Alarmingly, the Turnbull government allowed the big banks to approve their own terms of reference.

Unions are concerned that the Royal Commission will be toothless, that it will ignore the concerns of ordinary working people, the victims of the big banks countless scams and rorts.

The Commission has not yet allowed for public submissions, nor has it launched any of the submission infrastructure that was available during the Trade Union Royal Commission, which included a fully-staffed call centre just 14 days after that commission was established.

The Turnbull Government seems to just want this commission to be over as quickly as possible.

We believe dodgy bank behaviour is widespread, and the victims need to be heard.

If the government refuses, unions will ensure people have their chance to provide their evidence.

The commission should be given the full range of tools which have been made available to previous commissions, including a hotline, and full range of submission avenues, including the ability for submissions to be anonymous. This was the case during the Trade Union Royal Commission.

The restrictions which seem to have been placed on the Commission are only confirming the widely held suspicion of many working Australians that this Commission is a box-ticking exercise for a Government which wants most of all to protect its friends and former colleagues in the banking sector.

We encourage anyone who has been mistreated or ripped off by a bank to make use of this resource, and make sure that your voice is heard.

It can be found at:  


Author: Scott Connolly, Assistant Secretary, Australian Council of Trade Unions