The Australian government has bowed to growing pressure by announcing a high-level inquiry into misconduct in the country's financial sector. A royal commission - the highest form of investigation in Australia - will review the banking, pension and financial services industries, Prime Minister Malcolm Turnbull said. By establishing a royal commission, Mr Turnbull has staved off a bid by Labour to have Parliament carry out its own inquiry into misconduct allegations. But Mr Turnbull said the royal commission "will not put capitalism on trial". Australian Bankers' Association chief executive Anna Bligh, an industry advocate, said the royal commission was "unnecessary and unwarranted" and could result in higher mortgage rates.

Source: Irish Independent November 30, 2017 10:07 UTC