Australian banking culture self-serving: Bernardi

May 24, 2018

Australian Conservatives leader Cory Bernardi says the banking royal commission has highlighted an urgent need for banking reform in Australia.

As a former member of the finance industry, Senator Bernardi has many insights into the operation of the banks and has long supported calls for the Royal Commission into the banking industry that is now underway.

The South Australian Senator admits that the banks occupy a 'very rarified niche' in Australian society evidenced by the fact that during the during the Global Financial Crisis, they enjoyed federal government guarantees of their deposits to keep them in business.

And while the Royal Commission has highlighted concerns about the banks' history of over-servicing customers with products they do not really need, Senator Bernardi has told FLOW FM he still sees a real need for personal banking services in our community.

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