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Wednesday 14

November, 201810:41 PM



Banks inquiry switches to superannuation

Banks inquiry switches to superannuation

The banking royal commission will hold a public hearing on superannuation issues in August.

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By AAP 07.07.2018 03:31 AM

The banking royal commission will switch its focus to superannuation at its next public hearing.

The inquiry wrapped up its fourth open session on Friday, having spent a week in Darwin after a week in Brisbane.

The hearing focused on the politically-sensitive topic of banks' dealings with farmers, as well as financial issues affecting indigenous Australians.

The indigenous section featured some discussion about a number of difficulties faced by Aboriginal and Torres Strait Island people when seeking to access their superannuation entitlements.

Senior counsel assisting the commission Rowena Orr QC said the issues included a lack of understanding of the existence or purpose of superannuation, identification issues and difficulties associated with meeting the conditions of early release of super or the release of death benefits.

Ms Orr said those topics will be considered further as part of the next round of hearings focusing on superannuation.

The hearing is expected to be held in Melbourne, beginning on August 6.

Another public hearing will be held in September, focusing on insurance.

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