James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Hansard source

The government does not support a royal commission into the banking and financial services sector, because a royal commission would not benefit consumers or the Australian economy. Whilst the government has proactively sought to reform Australia's financial sector, Labor when in government sat idle and oversaw scandal after scandal. In fact, most of the notable scandals and collapses happened on Labor's watch, when the Leader of the Opposition was the Minister for Financial Services and Superannuation, including financial planning scandals at the Commonwealth Bank and Macquarie and the collapse of firms such as Trio Capital, Storm Financial and Great Southern. Labor was in government for six years and did not act. Our government has acted. We have delivered the Financial System Inquiry and a stronger regulator with more resources and powers, and we are working on a one-stop shop for consumer complaints.