After narrowly holding-off a banking Royal Commission in September 2016, it was reported last month that three Coalition MPs were considering crossing the floor of parliament and voting in favour of establishing a Royal Commission.
Yesterday, SBS News reported that the crossbench will use its balance of power in the federal parliament to push for a royal commission into banks:
Independent MP Bob Katter says the cross bench will move immediately on a royal commission into banks following the resignation of Liberal MP John Alexander.
Mr Alexander resigned on Saturday after revealing he “most likely” holds UK citizenship, leaving the coalition clinging to 73 seats in the 150 seat House of Representatives, not counting the Speaker.
Mr Katter on Sunday said the crossbenchers now hold the balance of power and would move immediately on the royal commission and on the issue of ethanol in the new year.
“For technical reasons it will be the second week of parliament, in my opinion, that we will be moving,” Mr Katter said.
“If the government tries to play any silly game and circumvent the will of the people, the majority of that parliament, then they are walking on extremely dangerous ground…
Mr Katter said if Prime Minister Malcolm Turnbull tried to stop a royal commission by calling a federal election “then God help him at the polls”.
“Let him proceed at his peril,” he said.
The rationale for pursuing a Royal Commission 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 can no longer hold back the tide.
