Tuesday, 12 February 2019
Questions without Notice
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
My question is to the Prime Minister: The former Prime Minister, Malcolm Turnbull, has apologised for not calling the banking royal commission earlier. Can the now Prime Minister confirm media reports that he was in fact the reason for the delay? And will the Prime Minister now say 'sorry' for delaying the banking royal commission by voting against it 26 times?
I refer the member to my comments last year on this matter, where I made very plain my regret for not having called the royal commission sooner. But I remind the member that I was the Treasurer who did call the royal commission and I am the Prime Minister who has received the report of that royal commission and is acting on the recommendations of the royal commission. I am the Prime Minister who, as the then Treasurer, introduced the Banking Executive Accountability Regime. I am the Prime Minister who, as the then Treasurer, with the Minister for Revenue and Financial Services, introduced the Australian Financial Complaints Authority and increased funding for ASIC to ensure that they had the powers, the penalties and the resources to do the job.
Ms Rowland interjecting—
Now, when the leader of the Labor Party was the Minister for Financial Services and Superannuation, what did he do? Did he call a royal commission? As the Leader of the Opposition did he even draft a terms of reference for a royal commission? No. When it comes to financial services, the Leader of the Opposition sees people's problems as only a prop for political opportunism.