Time to act on mutuals reform - Media Release

TIME TO ACT ON MUTUALS REFORM

Today marks the 10th anniversary of Labor intervening in Australian mortgage market and minimising impact of Global Financial Crisis.

Labor has a strong history of making the rights calls for the economy and it’s with this in mind that we renew our push for increased competition in the banking sector.

Scott Morrison said the Royal Commission was just a “populist whinge” and his new Assistant Treasurer says he won’t take rigorous action despite conceding future banking scandals were “inevitable”.

This chaotic Coalition won’t give the banks real competition, but Labor will take action.

Labor will amend the Corporations Act to define mutual enterprises and implement reforms to facilitate new financial instruments for member-owned firms.

Labor has been calling for these reforms for almost two years because we know they’ll promote ethical competition and productivity, as well as encouraging social investment and the well-being of workers and small businesses.

The Coalition agreed 12 months later to adopt Labor’s reforms – but we’re yet to see any legislation.

It’s time for the Government to do something popular and back Labor’s plan properly. It’s time they got on board and backed Australian families and family businesses.

WEDNESDAY, 26 SEPTEMBER 2018 

Authorised by Noah Carroll, ALP, Canberra.


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