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Banking royal commission begins, NAB and CBA cop a grilling

The banking royal commission into the finance sector has begun.

The commission has been flooded with close to 18,000 public submissions about banks’ behaviour.

The year-long enquiry has kicked off in Melbourne, with the first round of hearings to run over the next fortnight.

The main target today has been the Commonwealth Bank, but National Australia Bank has also coped a grilling.

Ben Fordham speaks with Macquarie Radio Political Editor, Michael Pachi for the details.

“National Australia Bank has been grilled… about various issues.

“The Commonwealth Bank got in a bit of strife earlier today when the Commissioner Kenneth Hayne said, ‘Well you’ve given us a whole bunch of spreadsheets but you haven’t given us many details and explanations as to some of the misconduct that’s occurred.'”

Michael tells Ben there have been thousands of submissions, but not every complaint will be addressed due to a one-year time frame.

“They’re essentially going to be touching the surface and looking at details and issues which haven’t been explored as much over the past year or so.”

Listen to the full update below