Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

And he said:

AUSTRALIA has some of the best banks in the world. It is … because of our excellent regulatory system and prudent management.

He said a couple of years before:

The Australian Prudential Regulation Authority has ensured the strength … of our banks and financial services sector. And the Australian Securities and Investments Commission, with the support of government, has been busier than ever over the past few years.

I know my predecessors in this position have said that the Australian "twin peaks" regulation model has worked very well and continues to work.

Well, it does not work for him politically, and that is why he wants to have a royal commission.

Let me say to you, Mr Speaker: if the Leader of the Opposition were to have his way, not one person who has been given poor advice would be compensated. The only beneficiaries of years and years of a royal commission into wickedness in the financial services sector—no terms of reference—would be the legal profession. I can say, whether it was in my remarks on 6 April or in the work of this government, we are focused on action. We are focused on ensuring that the banks are regulated and that those who break the law are brought to account and those who get a raw deal are dealt with fairly and compensated appropriately.

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