Big Banks fail small business

May 30, 2017

A Senate Estimates Committee has revealed Australia’s major banks are failing to meet “their legal obligations” which came into effect last year.

The Small Business and Family Enterprise Ombudsman last night told the Committee, eight banks, including Australia’s “big four” had failed to comply with new laws in relation to unfair contract terms.

The Ombudsman’s Kate Carnell told the Committee “The banks haven’t taken it seriously”.

One Nation Senator Peter Georgiou said it was clear the banks had dismissed the impact of foreclosed loans on thousands of small businesses throughout the country and were taking hard working Australians for a ride.

“It’s evident from what we learnt last night, that the major finance institutions in this country are treating Australians with massive disrespect” he said.

“Now more than ever, it’s clear that a Royal Commission into the behaviour of the banks is badly needed” the Senator added.

In a startling revelation and in response to a question from Senator Georgiou, the Ombudsman also said it was planning to “deep-dive” into the Bankwest Share Sale Deed.

Senator Georgiou called on the Ombudsman to hasten its report into the Commonwealth Bank’s takeover of Bankwest and release the findings publically.

-ENDS-

Video of the Senate Estimates Committee can be viewed here: http://parlview.aph.gov.au/mediaPlayer.php?videoID=353457
(scroll to 21:18-21.22.46 and 21.52.05– 21.53.09 to watch Senator Georgiou’s questions)