Malcolm Turnbull

Victims short-changed by banking royal commission: Bowen


The Turnbull government has been accused of short-changing victims of financial sector misconduct by failing to properly resource the banking royal commission.

Victims of banking misdeeds have already been short-changed by the Turnbull government's banking royal commission, Shadow Treasurer Chris Bowen says.

The royal commission into the financial sector is yet to set up a system to collect bank victims' stories, and Mr Bowen has pointed the blame squarely at the prime minister's "reluctance".

"The government has been very quick to put measures in place for other royal commissions," Mr Bowen told reporters in western Sydney on Saturday.

"It is absolutely vital that if this royal commission is to have credibility that victims have their say.

"It's appropriate that [the royal commissioner] be properly resourced."

Peak union body the ACTU has set up a special website for bank victims to send their submissions because the royal commission hasn't yet set up a fully-staffed call centre.

Prime Minister Malcolm Turnbull in November caved in to internal pressure to set up the $75 million royal commission after months of saying it would never happen.

ACTU President Ged Kearney said unions would collect victims' stories, and the information will be later passed on directly to the royal commission.

"The commission seems to be dragging its feet on allowing submissions, given that its deadline to report is only nine months away," she said.

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