After narrowly holding-off a banking Royal Commission in September 2016, three Coalition MPs are considering crossing the floor of parliament and voting in favour of establishing a Royal Commission. From The ABC:
The High Court disqualification of former deputy prime minister Barnaby Joyce appears to have emboldened several Coalition MPs, who are considering crossing the floor.
Queenslander Warren Entsch told 7.30 “all hell will break loose” if his demands aren’t met by the end of the month.
Mr Entsch said Treasurer Scott Morrison promised him a number of specific allegations of bad bank behaviour would be investigated but, as yet, there’s been no sign of it…
Queensland LNP member George Christensen has repeatedly threatened to vote for a banking royal commission and still has concerns.
And 7.30 understands NSW south coast MP Ann Sudmalis is also considering her options, having been frustrated by the slow pace of change…
Acting Prime Minister Julie Bishop told 7.30 “we want to work with those MPs and others who have constituents who are concerned about the relationship they had with their bank”.
“A banking royal commission will not provide them with redress,” she said.
“It would only make recommendations and that could be years away and that’s why we’re trying to take action now.
“I’m sure my fellow members of Parliament understand that”…
The Greens have long called for an inquiry into the banks.
“We are within reach of passing a law through this parliament to establish the equivalent of a royal commission into the banks,” Greens MP Adam Bandt said.
“Members of Government have said, the backbenchers have said, that they might even cross the floor to support it.
“So given that we came within one vote last time, and now we know Barnaby was illegally elected, we think there’s every chance that the Greens bill for the equivalent of a royal commission, a commission of inquiry into the banks, could pass the parliament this November, given that it’s already passed the Senate.”
One source pushing for a royal commission told 7.30 that the loss of Mr Joyce means “the arse-kicking shoe is on the other foot”.
A Commission of Inquiry 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.
The rationale for pursuing a Royal Commission or a Commission of Inquiry into the banks remains as compelling as ever and includes:
- damning evidence of bank manipulation of the bank bill swap rate, which the banks have shown no contrition over;
- the 1000-plus examples whereby borrowers’ loan documentation has been forged by the banks (see here, here, here and here), again with little remorse shown;
- overall dodgy lending standards; and
- the CBA money laundering scandal, which no doubt goes far deeper.
The Turnbull Government is struggling to hold back the tide.
