Banking royal commission: Bill Shorten calls for victim compensation

A VICTIMS’ compensation scheme should be considered and the banking royal commission extended, according to Opposition Leader Bill Shorten.

THE banking royal commission should be extended, Opposition Leader Bill Shorten says, as he calls on Malcolm Turnbull to consider a compensation scheme for victims.

In a letter to the Prime Minister, sent last night, the Labor leader said the commission had so far exposed “shocking and shameful evidence about systemic wrongdoing and a culture of cover-up in the banking industry”.

“It’s important that victims of financial wrongdoing have the chance to have their say in this process,” Mr Shorten said.

“If the commission needs more time and resources to keep doing their work, Labor calls on the government to give it to them. You cannot use the original time frame as an excuse to cover up further revelations of wrongdoing.”

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Bill Shorten wants Malcolm Turnbull to consider a compensation scheme for victims. Picture: Mathew Farrell

He said a compensation scheme for victims should be considered, and demanded the government apologise for failing to launch the commission sooner.

Financial Services Minister Kelly O’Dwyer yesterday refused to accept the probe should have started sooner, deflecting the question several times even as she said she was appalled by the revelations from the commission.

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