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Labor explains proposed Banking Fairness Fund

3aw mornings
Article image for Labor explains proposed Banking Fairness Fund

Labor says its proposed Banking Fairness Fund is aimed at giving “justice” to those groups most likely impacted by the dodgy practices unearthed in the royal commission.

It’s set to bring in $160 million a year over four years and will target any financial institution in the top 100 companies on the ASX.

How that money would be spent attracted the eye of Neil Mitchell.

Not because they weren’t areas worth supporting, rather they appeared “very broad”.

The funds raised will be used to support domestic violence victims, with Father Bob Maguire’s charity to also receive some of the money.

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