Tony Smith (Speaker) Share this | Link to this | Hansard source

I have received the following message from the Senate:

The Senate transmits to the House of Representatives the following resolution which was agreed to by the Senate this day:

That the Senate—

(a) notes that:

(i) confidence and trust in the financial services industry has been shaken by ongoing revelations of scandals, which have resulted in tens of thousands of Australians being ripped off, including:

(A) retirees who have had their retirement savings gutted,

(B) families who have been rorted out of hundreds of thousands of dollars,

(C) small business owners who have lost everything, and

(D) life insurance policy holders who have been denied justice,

(ii) it is clear from the breadth and scope of the allegations that the problems in this industry go beyond any one bank or type of financial institution,

(iii) the Australian Labor Party, the Australian Greens, crossbench, Liberal and Nationals parliamentarians have supported a thorough investigation of the culture and practices within the financial services industry through a Royal Commission, which is the only forum with the coercive powers and broad jurisdiction necessary to properly perform this investigation,

(iv) Australia has one of the strongest banking systems in the world, but Australians must have confidence in their banks and financial institutions, making it necessary to sweep away doubt and uncover and deal with unethical behaviour that compromises that confidence, and

(v) the case for a Royal Commission into misconduct in the banking and financial services industry has only become stronger over time; and

(b) the Senate calls on the Government to request His Excellency the Governor-General of the Commonwealth of Australia issue Letters Patent to establish a Royal Commission to inquire into misconduct in the banking and financial services industry, including their agents and managed investment schemes.

The Senate requests the concurrence of the House in this resolution.

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That consideration of the message be made an order of the day for the next sitting.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Mr Speaker—

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That the question be now put.

Mr Tony Burke (Watson, Australian Labor Party, Shadow Minister for Finance) Share this | Link to this | Hansard source

Mr Speaker, you have not read it out, but I understand the motion you have referred to is the one relating to the banking royal commission. I move:

That all words after 'That' be omitted with a view to substituting the following words:

'the message be taken into consideration immediately.'

Anthony Albanese (Grayndler, Australian Labor Party, Shadow Minister for Infrastructure and Transport) Share this | Link to this | Hansard source

I second the motion.

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That the question be now put.

Question agreed to.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The question now is that the motion moved by the Manager of Opposition Business be agreed to.

Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Link to this | Hansard source

I move:

That the question be now put.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The question is that the motion be put.

Tony Smith (Speaker) Share this | Link to this | Hansard source

The question is that the motion moved by the Leader of the House be agreed to.

Proceedings part published from 09:30 to 19 : 00

The DEPUTY SPEAKER ( Ms Bird ) took the chair at 10:08.