Pollies cat fight over royal commission kudos

It began this morning with Kelly O-Dwyer:

Financial Services Minister Kelly O’Dwyer said the government had been vindicated in its decision to establish a financial services royal commission — despite being strongly against the probe and begrudgingly establishing it because of a revolt from the Nationals.

…Ms O’Dwyer told ABC radio the government could take credit for establishing the Hayne royal commission because it was more broad than the one Labor had advocated, which was focused on the big four banks.

Lordy, the government bent over backwards to prevent it.

Barnaby has leaped aboard:

Former deputy prime minister Barnaby Joyce says the banks should consider offloading their financial planning arms in the wake of damning evidence given in the royal commission.

Mr Joyce has elaborated on his tweet yesterday when he expressed regret for ever opposing a royal commission.

“The banks appear to have blatantly taken the support of government as the reason they can do what they like,” Mr Joyce said.

There were some Nats that can claim credit but it was Labor that did the heavy lifting.

The Fake Greens want credit:

A senior Liberal minister told Greens Treasury spokesman Peter Whish-Wilson the government’s royal commission terms of reference were lifted straight from the Greens’ proposed bill for a banking inquiry.

A spat has broken out between the Turnbull government and the Labor Opposition, with both sides quick to claim credit and counterclaim for the direction taken by Kenneth Hayne’s royal commission.

“When we saw Scott Morrison’s terms of reference we though that it looked almost identical as ours,” said Mr Whish-Wilson, a senator for Tasmania.

And the Government now says it can run longer:

The Turnbull government is open to extending the life of the banking royal commission after it uncovered a series of damaging revelations about misconduct in the financial sector, as Coalition MPs led by Barnaby Joyce admit they were wrong to oppose the probe.

The royal commission was given just 12 months to examine the industry with a February 2019 deadline but Finance Minister Mathias Cormann said the government was willing to give Commissioner Kenneth Hayne more time if required.

“We will not protect anyone. Justice Hayne… is doing an outstanding job and we will take our advice from him,” Senator Cormann told 2GB.

Let’s not debate what policy is needed to rectify the issues, like, for instance, permanently removing the wholesale guarantee. Let’s instead scramble for the credit.

Bankers and pollies deserve each other.

David Llewellyn-Smith
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Comments

  1. They actually deserve to be locked in a cell with a 10 foot tall Fijian sodomite with sysyphean sexual determination

  2. Cormann has appointed Hayne to the bench of the high court again, has he? Or what’s Hayne a justice of?

  3. O Drear used to work at a bank I understand. The seat of Sir Harold Holt, Sir John Gorton and Viscount Peter Costello now occupied by such a mediocrity. Little wonder the Victorian Party is so far out of contention when it comes to producing a Federal Party leader when one of its prize seats is occupied by such a person. Hopefully a preselection battle will do the trick, we need better people in our Parliament. Even her attempts at dissembling barely rise above the mediocre. Everyone knows the Turnbull Govt did everything it could to avoid this Royal Commission. Joyce at least has acquitted himself honourably with his words, but that’s the backbench for you

  4. The next phase will probably include some bankers showing the police where they dumped the bodies off the Heads. And then a nice drive out to a housing development where more bodies are buried under concrete. And even a longer drive to a forest in the southern highlands for more corpses.

    But pollies virtue signalling, especially the costly Toaster and the Beetroot, is loathsome.

  5. mikef179MEMBER

    Bankers and pollies have been in bed together for many decades now and that’s where the problems have arisen. What we need is a separation of bank and state.

  6. FiftiesFibroShack

    The ALP could make a killer election ad with some of the LNP comments prior to announcing the RC. Take the most outrageous LNP comments and contrast them against some of the worst findings of the RC. Simple and short sentences. It would be brutal.

  7. The terms of reference should be extended to investigate how Peter Whish-Wilson was able to pass the bank bail-in legislation with such minimal concern or discussion.

    • proofreadersMEMBER

      +1 Ah, yes – Senator W-W, wasn’t he one of the cabal of just seven Senators that waved through the depositor bail-in legislation while the great unwashed proletariat were distracted by the Barnababy saga? Didn’t Senator W-W also say something at some point to the effect that our financial institutions were unquestionably strong? Wasn’t Senator W-W in some part of the finance industry in a former life?

  8. kiwikarynMEMBER

    If they extend it long enough, and it becomes boring enough, people might actually forget about the horrendous misdeeds that they all confessed to in the beginning, so politicians can quietly forget about actually doing anything to the banks. Todays news, tomorrow’s fish and chip papers ……

  9. Commonwealth Bank charged fees to dead clients, royal commission hears | Australia news | The Guardian

    https://www.theguardian.com/australia-news/2018/apr/19/commonwealth-bank-charged-fees-to-dead-clients-royal-commission-hears

    Some advisers charged the deceased for financial advice – in one case for a decade … read more via hyperlink above …

    … Google search ‘Australia Banking Royal Commission’ …

    https://www.google.co.nz/search?source=hp&ei=4xvYWvqxNoGV0gT19oXIDw&q=australia+banking+royal+commission&oq=australia+banking+royal+commission&gs_l=psy-ab.13..0.3769.21489.0.23701.34.14.0.20.20.0.351.3515.2-12j2.14.0….0…1c.1.64.psy-ab..0.34.3939…0i131k1j0i22i30k1.0.pTM_YTt8ylQ

  10. Add more time or add more Commissioners. I say more Commissioners. We need it all out in the open asap not in an extra year or two.

    • TailorTrashMEMBER

      Yes the scab has just been taken off the boil …..needs to be lanced and the full puss expelled then given a good dose of antiseptics.
      …no way should it be just bandaged up …..or next thing Straya will have gangarene …….if it doesn’t already

  11. Poor Kelly. She was never the same after giving birth to a trickle-down toaster. But is this the best the LNP can do? Maybe The Greens should have another crack at Higgins if they can find a suitable chocolate coated inner city PC issue. Maybe they can start a campaign to have Menzies old home in Haverbrack Av demolished and turned into high rise appartments for East African immigrants?

  12. Wasn’t there a vote on one of the first weeks that this bunch of clowns got voted back in where they had all left for the airport and labour tried to sneak through the banking enquiry? Didn’t the libs go into absolute crisis trying to protect their donors. I recall someone talking for 45 minutes on something completely insane while everyone scrambled back to protect the banking donors. It could have been another piece of legislation affecting another one of their donors but I’m sure it was banking.

    • That was a giggle. It’s good to see someone post a grab of Paul Kelly decrying an investigation into child sexual abuse as mere populist politics in the thread. If populism is wanting the law applied to groups that have been protected while they ruin the lives of others then I may just be a populist myself.

  13. surflessMEMBER

    Doubt whether a single banker or financial advisor will ever see the inside of a cell, perhaps only a financial penalties but that’s just the cost of doing business. Too big to fail too big to gaol.