What more do banks have to do?: Labor

August 10, 2017

Chris Bowen has questioned why the government has ruled out a royal commission into the banks.

Treasurer Scott Morrison has labelled the latest financial scandal to engulf Commonwealth Bank as an "epic failure" by its board.

But the government won't be rushing its response out of concern it may frustrate the regulator bringing the bank to court.

"That is priority one," Mr Morrison said of AUSTRAC's pursuit of CBA over more than 50,000 alleged breaches of anti-money laundering laws.

"We are not going to give the Commonwealth Bank any leave passes by any actions we might take," he told ABC radio on Thursday.

While Mr Morrison insisted the government was leaving all options on the table, he ruled out a royal commission into the banking sector.

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