Banking witnesses praised

ROWENA Orr, the star QC who has hauled the banks over the coals at the finance royal commission, has praised the victims whose brave testimony drove the year-long inquiry’s pursuit of the truth.

At Melbourne’s federal court, Ms Orr yesterday closed the hearings of the inquiry that began in February.

She said that during 68 days of hearings it heard evidence from 134 witnesses, and tendered almost 400 witness statements. More than 6500 exhibits were presented.

Royal commissioner Kenneth Hayne, QC, who pointed the finger at big bank greed and weak regulators in his interim report, will deliver his final report and recommendations by February 1.

Ms Orr, who has become a cult hero for many, due to her relentless pursuit of the banks, said the victims who appeared as witnesses should be praised.

“I would particularly like to thank this … group of witnesses, the consumers who agreed to come and give evidence in the commission’s public hearings,” she said.

“Many of them travelled long distances and gave evidence about their private financial affairs in a very public forum. I know that they did not always find that easy, but their willingness to give evidence about their experiences has greatly assisted the work of the commission.”

The commission also turned its focus to comments from the Group of Thirty, an association of leading global financiers and academics, who said Australia’s banks were only just beginning to fix themselves after a series of scandals.

“With the ongoing royal commission investigation and pending recommendations, as well as continued revelations of retrospective misconduct among Australia’s financial institutions, we anticipate that the Australian banking industry is only beginning its long journey to repair its conduct and culture,” the G30 said.