The Federal Treasurer, Scott Morrison has strongly signalled the Commonwealth will have no part in paying compensation resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Speaking on radio, Morrison ruled out any taxpayer money being directed towards compensating those identified as having been wronged by the major banks or other financial institutions.
“The taxpayer will not be forking out any payments because of any wrongdoing by the banks,” he said.
Referencing the Royal Commission, Morrison said it would hold its inquiry and make its recommendations.
“But one thing that the taxpayer shouldn't have to pony up for is to pay any sort of redress or compensation for things that are done in the banking and financial system,” the Treasurer said. “That would be a matter that I am sure the Commission would turn its attention to if they wish to with those institutions themselves.”