5 years ago
GOVERNMENT VOTES AGAINST STRONGER CORPORATE PENALTIES
CHRIS BOWEN MP
Last night, the Morrison Government built on their appalling record of voting against a Royal Commission into the Banks 26 times – this time voting against Labor’s amendments to crack down on corporate crime, including higher jail sentences for the most serious corporate crimes and higher fines for misconduct.
The horror stories flowing out of the Royal Commission are just sickening. This corporate lawbreaking has to stop.
That’s why Labor moved amendments to the Morrison Government’s proposed Corporate and Financial Sector Penalties Bill last night to significantly toughen the penalties for misconduct.
Labor voted to increase jail time for the most serious corporate crimes from 10 to 15 years imprisonment – because the Parliament needs to send a message that this kind of conduct is totally unacceptable. Labor’s proposal would have brought our penalties for the most serious corporate crimes into line with comparable non-corporate criminal offences at the state level. The Liberals voted against this.
Labor also voted to remove the Morrison Government’s proposed $210 million cap on penalties. If big business breaks the law, the courts should be able to impose a 10 percent penalty on them just like any other business. The Liberals voted against this.
The big banks have made billions of dollars from their misconduct – and Labor believes the penalty that they receive should match the crime. The Liberals shouldn’t be giving big business preferential treatment when they break the law.
Scott Morrison voted against a Banking Royal Commission 26 times, fighting its establishment for an incredible 600 days. Last night, he doubled-down on his protection racket for the big banks by voting against Labor’s tougher penalties and higher jail times.
The Liberals are divided, out of touch and only for the top end of town. They simply have no interest in cracking down on corporate crime.
A Shorten Labor Government will not tolerate corporate misconduct. We believe corporate crime should be treated just as seriously as any other crime.
Labor called for the Banking Royal Commission, Labor fought for the Banking Royal Commission, Labor wants stronger penalties for corporate misconduct and Labor will work day and night to protect Australian businesses and consumers from misconduct in the financial services sector.
The horror stories flowing out of the Royal Commission are just sickening. This corporate lawbreaking has to stop.
That’s why Labor moved amendments to the Morrison Government’s proposed Corporate and Financial Sector Penalties Bill last night to significantly toughen the penalties for misconduct.
Labor voted to increase jail time for the most serious corporate crimes from 10 to 15 years imprisonment – because the Parliament needs to send a message that this kind of conduct is totally unacceptable. Labor’s proposal would have brought our penalties for the most serious corporate crimes into line with comparable non-corporate criminal offences at the state level. The Liberals voted against this.
Labor also voted to remove the Morrison Government’s proposed $210 million cap on penalties. If big business breaks the law, the courts should be able to impose a 10 percent penalty on them just like any other business. The Liberals voted against this.
The big banks have made billions of dollars from their misconduct – and Labor believes the penalty that they receive should match the crime. The Liberals shouldn’t be giving big business preferential treatment when they break the law.
Scott Morrison voted against a Banking Royal Commission 26 times, fighting its establishment for an incredible 600 days. Last night, he doubled-down on his protection racket for the big banks by voting against Labor’s tougher penalties and higher jail times.
The Liberals are divided, out of touch and only for the top end of town. They simply have no interest in cracking down on corporate crime.
A Shorten Labor Government will not tolerate corporate misconduct. We believe corporate crime should be treated just as seriously as any other crime.
Labor called for the Banking Royal Commission, Labor fought for the Banking Royal Commission, Labor wants stronger penalties for corporate misconduct and Labor will work day and night to protect Australian businesses and consumers from misconduct in the financial services sector.