After narrowly holding-off a banking Royal Commission last September, the banks narrowly avoided facing a Commission of Inquiry (CoI) after a Greens bill to establish a CoI was passed by the Senate (supported by Labor), but fell just one vote short in the House of Representatives. From The AFR:
Because Deputy Liberal leader Julie Bishop missed the vote and rogue Nationals MP George Christensen was strong-armed by colleagues Scott Morrison and Barnaby Joyce against crossing the floor, the vote was tied at 70 votes apiece. For the second time this term, Speaker Tony Smith was forced to use his casting vote to prevent the bill being debated further and voted on.
The bill remains in the Parliament and Labor, the Greens and others have vowed not to give up either trying to resuscitate it down the track or use some other tactic, meaning the government, with its one-seat majority, will need to stay vigilant until the next election…
Thursday’s push confirms the appetite among Labor, the Greens and independents to keep going after the banks has not been sated by the anti-bank measures in the budget.
A CoI is the same thing as a Royal Commission with two slight differences:
- Royal Commissions are set up by the executive Government whereas a Commission of Inquiry can be set up by the Parliament.
- Royal Commissions report to the executive Government whereas a Commission of Inquiry reports to the Parliament.
With Labor, The Greens, and several cross-benchers all supporting a CoI, only one more Coalition MP will need to cross the floor to make it happen.
The Turnbull Government is clearly struggling to hold back the tide. It’s only a matter of time before the bank sector faces the music.
