Miranda Live: Mathias Cormann concerned about banking allegations

FINANCE Minster Mathias Cormann said the royal commission into banks had uncovered some “concerning” allegations and the government “probably should have gone there earlier”.

Minister for Finance Senator Mathias Cormann. Picture: Mick Tsikas

FINANCE Minster Mathias Cormann said the royal commission into banks had uncovered some “concerning” allegations and the government “probably should have gone there earlier”.

“Clearly there have been some very concerning revelations coming out of this process so far … with the benefit of hindsight we probably should have gone there (and called a royal commission) earlier,” he told Miranda Live.

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“What is happening with the banks and all of the revelations coming out of the royal commission will have to be addressed, any wrongdoing will have to be addressed, compensation of course will have to be provided when there has been clear wrongdoing. Victims of course ought to be compensated but we have got to keep discussion on the appropriate tax policy settings quite separate.”

Mr Corman said cutting the corporate tax rate is still a major priority for the government.

“It’s incredibly important for businesses across Australia that the company tax cuts pass the Senate in full,” he said.

“Nine out of ten working Australians work in a private sector business, and right now because Australia has one of the highest business tax rates in the world, with countries around the world lowering their business tax rates, we are putting our businesses under serious competitive disadvantage.”