1.1        Labor acknowledges the importance of the issues raised with the committee and that many primary producers have shared difficult stories both in submissions and during public hearings.

1.2        The many issues raised should have been presented at a Royal Commission into the conduct of the Banks as urged by Labor some 18 months ago. 

1.3        With the recent announcement by the Turnbull Government that it will establish a Royal Commission into misconduct in the Banking, Superannuation and Financial Services, Labor urges the Government to implement recommendation 27 of the report.  That is,  that “the newly established Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry fully consider the evidence published by this committee in the context of the inquiry”.

1.4        This will ensure that the evidence provided to the committee and the report recommendations can be comprehensively considered and reviewed by the Royal Commission.

1.5        Labor will reserve its position on the recommendations until the Royal Commission has been able to consider the report in full.

Senator Anthony Chisholm

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