Julia Banks (Chisholm, Liberal Party) Share this | Hansard source

I am delighted that the report of the House Standing Committee on Economics as part of its review of the major banks has been released. In September, the Treasurer referred this inquiry to the committee chaired by my esteemed colleague David Coleman, the member for Banks, asking us to review the operations of the major banks. In October we held public hearings with all the chief executives of the banks over three days in Canberra. The work of the House committee and its subsequent report have been lauded by the press as coming out with good solutions.

Banking regulation should have two key goals: promoting financial stability and achieving strong outcomes for consumers. Financial stability is critical, but so is ensuring that consumers get a fair deal. A solid, stable, reliable banking system is critical to the Australian economy. We need only consider the economic impacts of bank failures in other nations, such as in Greece, to understand the importance of a stable banking system. However, while Australia's major banks have remained financially strong, they have let Australian consumers down. There have been too many failures and too many scandals—too many matters that are fixed up reactively after they appear in the media or the like.

The Turnbull government is a government of delivery. In its delivery, the Turnbull government is pragmatic and gets things done. The bank inquiry and line of questioning elicited critical and constructive information and have resulted in practical, concrete recommendations that will give consumers better outcomes in relation to the banking system. The recommendations are underpinned by the key objective of ensuring that Australian consumers get a fair deal—effective, real, solid, practical, efficient outcomes.

The other side have made calls for a royal commission purely from a political, opportunist perspective and with no regard for immediate, practical, good outcomes for the Australian consumer. All that a royal commission would achieve would be elongated discussions and no immediate outcomes of recompense or compensation or good outcomes for the Australian consumer.

The Labor Party do not own compassion for bank customers. They do not have a monopoly on compassion for aggrieved bank customers. Many Australians—including me—across both sides of politics have shared stories of grievances with the banks, and we are all aware of the bank scandals. Moreover, the Labor Party seem to forget that our banks and their thousands of hardworking employees should be respected, particularly as their strength and integrity directly link into the strength and integrity of our economy, which is admired across the globe.

At the bank inquiry and in the media aftermath, the Labor Party vacuously and simplistically—

A division having been called in the House of Representatives—

Sitting suspended from 16:54 to 17:09

Debate adjourned.

Fe deration Chamber adjourned at 17 : 10 .

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