LABOR FORCES LIBERALS TO INCREASE JAIL TIME FOR BANKERS

CHRIS BOWEN MP.
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5 years ago
LABOR FORCES LIBERALS TO INCREASE JAIL TIME FOR BANKERS
CHRIS BOWEN MP
After fighting bitterly to stop Labor from increasing jail time for bankers last year, the Liberals capitulated spectacularly last night as Labor’s amendments passed through the Senate.
 
The Liberals did everything they could to continue their protection racket for the big banks but in the end they gave up – they simply didn’t have the numbers.  
 
Because of Labor, if banks break the law they will now face half a billion dollar penalties and even longer jail time.
 
Labor’s amendments will increase maximum jail sentences for the most serious corporate crimes from 10 to 15 years. As part of this change, bankers who charge fees for no service will now face up to 15 years in prison. Labor believes this is entirely appropriate given the billions of dollars they’ve stolen from ordinary Australian families and small businesses.
 
Thanks to Labor, companies that break the law will also now face a half a billion dollar maximum penalty – a 150 percent increase on the $210 million proposed by the Government.
 
The Liberals never wanted these tough penalties. They voted against them in the House of Representatives, they spent months trashing them in the media, and only agreed to them at the last minute in order to avoid an embarrassing defeat in the Senate.
 
Labor is getting on with the job of cracking down on corporate crime to protect consumers from the rorts and rip-offs exposed by the Royal Commission.
 
Labor called for the Royal Commission, Labor fought for the Royal Commission, and Labor will work day and night to ensure Australian families and businesses are protected from criminals in the financial services sector.