Leader of the opposition, Bill Shorten in Rockhampton. Photo: Chris Ison / The Morning Bulletin
Leader of the opposition, Bill Shorten in Rockhampton. Photo: Chris Ison / The Morning Bulletin Chris Ison

Shorten to hold Royal Commission look into into banks

BILL Shorten says he will hold a royal commission into Australia's banking and financial sector if he wins the election later this year.

The Labor leader's announcement follows the Australian Securities and Investment Commission to take the ANZ and Westpac banks to court over alleged market manipulation.

Mr Shorten said the inquiry would examine banks, other financial institutions,   superannuation funds and insurance providers.

"Many Australians have suffered through the decisions of banks and financial institutions," he said.

"Retirees  have lost their retirement savings, small businesses who have lost their livelihood, Australian families who have lost hundreds of thousands of dollars, life insurance beneficiaries, denied justice and legitimate claims.

"There are literally tens of thousands of victims if not more." - ARM NEWSDESK