Brief: Labor's Shorten takes aim at big banks
Last night, Australian Labor Party leader Bill Shorten gave his Budget reply speech, which included a pledge to "ensure justice for people who have been ripped off by the banks." Noting that the Big Four banks stood to gain A$17 billion of taxpayer money if corporate tax cuts are introduced, and that ASIC has been hit with funding cuts (a point disputed by government ministers) Shorten announced that Labor would "deliver $25 million in funding" to create a special task force inside the Commonwealth Director of Public Prosecutions "to see justice done". Shorten promised: "We to make sure that public prosecutors have the resources to follow through on the work of the royal commission."