Money.
Money. Barry Leddicoat

Rocky locals to have their say on big four banks

ROCKHAMPTON residents will get a chance to air their grievances about the banking sector at a public forum tonight.

More than 60 people are expected to gather at the Giddy Goat cafe and bar for the meeting, which starts at 6.30pm.

The meeting has been arranged by Labor candidate for Flynn, Zac Beers, Labor candidate for Capricornia, Russell Roberson, and Fenner federal Labor MP Andrew Leigh.

Mr Robertson said the themes of tonight's meeting centred around consumers, competition, and the Royal Commission.

The banking Royal Commission was established in late December after years of public pressure from whistle-blowers, consumer groups, the Greens, Labor, and some Nationals MPs.

"I expect a lot of debate tonight will be around the expected findings of the Royal Commission and what the Government will do with the findings,” Mr Robertson said.

"A lot of people have been left destroyed and devastated by the banks which have been getting away with blue bloodied murder for too many years.

"We need a strong banking sector but unfortunately in the past there have been some poor banking practices.

"As a minimum, the Government needs to enact all the findings from the Royal Commission.”

The Royal Commission has been asked to investigate whether any of Australia's financial services entities have engaged in misconduct, and if criminal or other legal proceedings should be referred to the Commonwealth.

It's also been asked to consider if sufficient mechanisms are in place to compensate victims.

Banks' treatment of farmers has been one of the key political drivers for establishing the Royal Commission and ANZ is expecting its acquisition of Landmark to feature at the inquiry after it attempted to force borrowers off their properties when land valuations fell even though borrowers had not missed repayments.



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