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.