My question is for the Treasurer. Can the Treasurer confirm a report by Phil Coorey in today's Financial Review that the terms of reference for the banking royal commission were being worked on 'for a long time' because 'we knew this was inevitable'? Can the Treasurer also confirm he was not shown the terms of reference until Tuesday last week? If a royal commission was inevitable, why did the Prime Minister rule one out 48 hours earlier and why was the Treasurer kept in the dark for so long?