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‘The rorting is over’: Senator Williams hopeful banks will ‘lift their game’

The National Australia Bank boss concedes some aspects of the industry have become unsustainable, due to a sales-driven culture.

NAB CEO Andrew Thorburn is giving evidence at the Banking Royal Commission, where the final week of public hearings is underway in Sydney.

Mr Thorburn has told the commission his bank lost sight of long-term goals and believes abolishing bonuses for senior executives would make the industry less competitive.

Nationals Senator John ‘Wacka’ Williams says it’s an opening of the wounds to allow consumers to have better banking services in the future.

“The only satisfaction out of the Royal Commission is that the wrongdoing, the bad policy, the bad advice, the bad everything, has been highlighted,” he tells Ross Greenwood.

“This is going to change the culture and behaviour of the banks and also the culture and behaviour of our watchdogs.”

Senator Williams wants the Royal Commission to restore the public’s confidence in the banks.

He says the institutions need to “lift their game”.

“They can’t go on ripping the public off.

“The rorting is over… let’s hope there are better days ahead”.

Click PLAY below to hear the full interview 

Senator Williams also tells Ross one of the most difficult things banking institutions face in the future is the issue of incentives.

“You’ve got to have incentives for workers to do the right thing, lift their productivity, perform well.

“But how do you incentivise people to work where they don’t get greedy?”