Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Link to this | Hansard source

I move:

That the Senate take note of the answer given by the Minister for Finance (Senator Cormann) to a question without notice asked by Senator Whish-Wilson today relating to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Senator Cormann made it clear twice in the chamber today that the royal commission has only just started. Let me tell you: the royal commission has officially been going for nearly two months. That's two months out of a 12-month time frame. Nearly 15 per cent of the time for this royal commission has now passed. It may have been the first official hearing today, when we got the first statement from the commissioner, Commissioner Hayne, but this commission has been going for nearly two months.

The questions I raised are very important ones for the Australian people. We've all fought hard in this chamber to try and get a royal commission into banks and the financial services industry. I've got to say that, while I was watching it on TV today, I felt like pinching myself: it's actually happening. After nearly four years of campaigning for this, it's actually finally happening. But it would be a real shame if this were a Mickey Mouse royal commission or it were a whitewash because it was handicapped before it even started by this government's time frame—12 months for broad terms of reference for a wide-ranging royal commission into bad behaviour and misconduct in the financial services sector.

What we learnt today from Commissioner Hayne were three important things. Firstly, he said that there should be no impediments—based on gags that they may have in place around employment contracts or settlement contracts—to people wanting to give evidence. That's extremely important to help people come forward and send the commission their submissions or speak to the commission directly about evidence.

The next things that were really important are that Commissioner Hayne let the Australian people know that the commission requested information from the banks nearly two months ago—important information for the commission to set its pathway to delivering a result within 12 months—and the banks have been unable to comply with that to the satisfaction of the commissioner.

So where do we go from here? If the banks are going to game a short, 12-month royal commission, if they're not going to provide the evidence that we need to the commission and ultimately to the Australian people, what is the commissioner able to do?

The important question today for the Treasurer and Senator Cormann is: would you be willing to grant an extension to the time frame for this royal commission? A number of commentators, especially expert commentators who understand the industry and the history of misconduct, the scandals and the numerous inquiries that we've already seen, have said 12 months is too short a time period.

We've also got a situation where the commissioner's been up-front with the Australian people today—and to those who've made submissions already to the commission—that the commission won't be able to hear every story of a banking victim who's contacted the commission. It is only going to be able to hear case studies or representative samples, which is obviously going to be very disappointing for people who have been dragged through the mud seeking justice, seeking restitution, for what they believe has been a crime committed against them, through numerous scandals. I and others in this chamber have listened to many of them over the years. We've heard their heartbreaking stories. The time frame and the resources available to the commission are very tight—another reason for this government to consider extending the time frame for the royal commission.

What did please me about the response to my question today was that Senator Cormann didn't rule out extending the time frame for the royal commission. In fact, he was about as equivocal as Senator Cormann gets in an answer. He didn't actually know how to answer the question. It's really important that, by the interim report, if the commissioner requests an extension because he needs more time to get the information from the banks, if the banks need more time to comply, if we need to hear from more witnesses or if the commissioner uncovers more scandals, it needs more time to get to the bottom of these issues.

I would ask the Australian people out there today, those people who have been ripped off by the banks or financial services companies, who haven't come forward, to please get in touch with the commission. There are now no impediments for you in doing so. There's no reason for you not to speak to the commission. Your safety will be protected. The commissioner made that clear today. Those who have witnessed misconduct at financial services institutions please come forward. This is your chance to blow the whistle. You will also be protected. For those who've actually committed misconduct and crime, this is an opportunity to get it off your chest and clear your conscience through the royal commission. You will be protected by the commissioner. (Time expired)

Question agreed to.