Scott Morrison (Cook, Liberal Party, Prime Minister) Share this | Hansard source

I thank the Leader of the Opposition for his question. As he may recall, I was the Treasurer that initiated the banking royal commission. I don't recall a banking royal commission being initiated by the member for McMahon when he was Treasurer or the member for Lilley when he was Treasurer. I don't remember that at all. I remember that it was this government that took that action. It's now this government that is acting on the recommendations of the royal commission, through the good work of the Treasurer, and taking further steps, just as we were doing from when we came into government. Even before the royal commission reported, we introduced the Banking Executive Accountability Regime. We increased the resources for ASIC and APRA and we made sure they had the powers available to them to do the work they need to do.

We're taking action. I'll tell you who we're taking action for when it comes to the banking sector. We're taking action for bank customers. They're who need the greater competition that we want to see in this sector. We want to see greater competition for small business lenders as well. That's why we've put $2 billion into the small business securitisation fund to deepen and widen the pool of capital available for these new lenders to get their hands on and to provide even better business opportunities to small businesses.

Our government has a real plan and is implementing a real plan to ensure we get greater competition, greater accountability and better outcomes out of our banking and financial system to support those who want to go and buy a home, those who want to run a business and those who need that support to sustain them through the drought they're facing now. That's what we're putting in place. When those opposite were in this place and it came to the needs of those who were customers of the banking and financial sector, they just simply looked the other way.

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