Bankers seek to debunk Royal Commission support
The Australian banking industry has activated a campaign against the need for a Royal Commission into the banks, referencing new polling which it says reveals that two-thirds of Australians oppose a Royal Commission when they understand what it actually involves.
The Australian Bankers Association (ABA) has released the results of the latest Galaxy poll conducted between 6-9 October and has pointed out that it contradicts the levels of support for a Royal Commission evidenced by other polls.
"Just over a third of Australians support a royal commission into the banking and financial services sector, which is markedly lower than a poll conducted by Research Now and published last week, which was claimed to indicate two thirds of voters wanted a royal commission into banks," the ABA said.
"However, that figure was inflated by the fact the question asked of respondents was whether they "would support a royal commission, or similar independent inquiry….".
ABA chief executive, Steven Münchenberg, claimed the open-ended nature of the question in the Research Now poll meant most respondents agreed with some form of investigation into banks, but it was impossible to assess real levels of support for a Royal Commission.
"In fact, the latest poll shows that a quarter, or 25 per cent, are actively opposed to a Royal Commission and people who neither support nor oppose a Royal Commission constitute the majority of those polled, at around 40 per cent of the sample," he said.
"People don't believe a Royal Commission is the right way to go when they understand that it can't impose fines on banks or force banks to pay compensation, and it can't change laws or do anything other than make recommendations which the Government of the day is not bound to implement," Munchenberg said.
"Of those who believe banks need to improve the way they operate, the majority want action now, not in two to three years' time via a Royal Commission," he said.
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