Shorten calls for bank charges, jail

AUSTRALIANS would think there had been a cover-up if no bankers were charged or jailed because of the banking royal commission, federal Opposition Leader Bill Shorten said yesterday.

The Federal Government has amended its program for the Senate next week to include tougher measures to deal with superannuation industry misconduct arising from the royal commission.

But Mr Shorten said the Coalition wasn’t moving fast enough on the inquiry’s recommendations.

“If no one out of the banks goes to jail, if no one gets prosecuted or charged, I think Australians will say there’s been a cover-up,” he said. “We want to make sure the parliament does its bit to restore faith in our banking sector.”

An initial draft Senate program did not include a move to ensure superannuation fund trustees could face civil penalties for breaches of their best interests obligations.

But a redrafted program includes the Bill and fast-tracks for debate a piece of legislation known as the Protecting Your Superannuation package.

NAB chief executive Andrew Thorburn and chairman Ken Henry are quitting after strong criticism from Commissioner Kenneth Hayne.

Former NSW premier Mike Baird, who now works for the NAB, yesterday refused to be drawn on speculation he was among frontrunners to replace Mr Thorburn.

“I’m not going to talk about that,” Mr Baird, the NAB’s consumer bank boss, told Seven’s Sunrise.

“I’ve got a big job to do and I will do it.”

Treasurer Josh Frydenberg has pledged to tackle a number of financial services reforms before the election, already announcing an independent review of the prudential regulator. He said the Government was taking action on every recommendation of the inquiry.