Turnbull must fund prosecutor to crack down on corporate crime

Labor is calling on the Government to match our commitment of $25 million to establish a Corporate Crime Taskforce, to equip the Commonwealth Public Prosecutor to respond to recommendations for criminal prosecution which stem from the Banking Royal Commission.

THE HON MARK DREYFUS QC MP
SHADOW ATTORNEY-GENERAL
SHADOW MINISTER FOR NATIONAL SECURITY
MEMBER FOR ISAACS
 
CLARE O’NEIL MP
SHADOW MINISTER FOR FINANCIAL SERVICES

SHADOW MINISTER FOR JUSTICE
MEMBER FOR HOTHAM


 

TURNBULL MUST FUND PROSECUTOR TO CRACK DOWN ON CORPORATE CRIME

 
Labor is calling on the Government to match our commitment of $25 million to establish a Corporate Crime Taskforce, to equip the Commonwealth Public Prosecutor to respond to recommendations for criminal prosecution which stem from the Banking Royal Commission.
 
The Royal Commission is shining a light on deep problems in our banking sector, uncovering appalling instances of misconduct – including potential criminal activity.
 
This week, it was reported that the Royal Commission uncovered that National Australia Bank is under investigation for more than 100 potential criminal breaches of the Corporations Act. In addition, the Banking Royal Commissioner asked if super funds that charged their customers fees for no service – instances of which were before the Royal  Commission this week - could face criminal sanctions. 
 
That’s just this week. In all likelihood, there is much more to come.
 
The public prosecutor must have the resources it needs to respond to recommendations arising out of the Royal Commission. Yet under the Liberals, the Commonwealth Public Prosecutor has suffered significant budget cuts and a 23 per cent reduction in staff levels over the six years to 2016-17. And under this year’s budget, funding for their critical work, prosecuting crimes, was forecast to fall by a staggering $11 million on current levels over forward estimates.
 
It is absolutely vital that any recommendations for prosecution coming out of the Royal Commission are properly pursued.
  
Corporate criminals must brought to justice. Every other Australian company is expected to abide by the laws or face the consequences. If criminal conduct is proven, so must our big banks.
 
Instead of giving the big banks a $17 billion tax cut, the Government should match Labor’s commitment for a Corporate Crime Taskforce. 
 
FRIDAY, 10 AUGUST 2018