Thursday , July 29 2021

Banking reform will not happen until after the election, says Christopher Pyne Australian news



Reaction to the Royal Commission will be adopted by at least 40 legislative acts, acknowledged by the high government minister, but acknowledged that nothing will happen after the May elections.

The government is trying to counter the attempt by laburists and hybrids to deal with the recommendations of the Royal Banking Commission, Kenneth Hayney, with an additional seventeenth day in which the parliament would withdraw from the government's will in March.

Christopher Pyne said that the government will not be forced to implement recommendations until it is clear what needs to be done.

"No, we will not do this and we will not do this for a simple reason," said Pyne ABC.

»To change the laws regarding financial services and to respond to the banking royal commission in the way we want to adopt about 40 different legislative acts.

"So, in order to fulfill the political trick that the Laburist Party wants to take to do it, we can not rule it.

"And what we have tried to do in the last five years is, of course, sensible and methodical in terms of management, and that is what we have done.

"So, no, we will not call Parliament for two weeks of fever, the rush of drafting legislation, for something that is too important for political acrobatics."

The treasurer, Josh Frydenberg, said earlier that the legislation currently being discussed by the parliament had dealt with some of the issues raised by the Royal Commission, and called on the Labor Party to support it and ensure that it would cross.

However, the Labor Party stressed that the government had only pledged to take action in relation to each of the 76 recommendations in Hayne's final report and that more legislation needed to be brought to parliament. Pyne said that this will not happen.

"It will take some time to prepare these 40 legislative acts and their implementation," he said.

"In many years, we have already seen legislation in parliament that has tried to fill an unnecessary timetable, you know that there is a deferred request, which was apparently determined by someone, and only a few months later, to return to correct the law because we made a mistake .

"So we're not ready for that. We want this to be an appropriate response. We said that we will act on all 76 recommendations of the Royal Commission.

"We will look at mortgage brokers carefully because we do not want to break competition in the banking sector.

"It is ironic that the work is on the side of large banks, since it eliminated the competition of 16,000 mortgage brokers.

"We will not do this. We will be footing carefully and precisely because of this, we will not be quick to adopt legislation in parliament for a two-week heat to satisfy Bill Shorten and the Labor Party. "

Workers did not rule out suggesting a change to an existing seated calendar, which would require the full support of all offenders in order to succeed.

All for the Guardian of Australia have shown they are open to recall Parliament, with Bob Katter considering it to be a key vote.

The government included the debate on pension insurance in the work plan for the next two weeks, which included legislation that would punish the pension fund's trustees for violating obligations on best interests.


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