Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Hansard source

that a royal commission is needed and is urgent. This is a government which is refusing to accept that the member for Gippsland's constituents and all the constituents of the members opposite absolutely want a royal commission into the banks. They absolutely want to see a government standing up for them. They actually want to see a government which is prepared to take a decision—not a decision to hold an advertising campaign, not a decision for spin but a decision for substance!

We are prepared to provide plenty of speakers for this motion. We are prepared to provide plenty of agenda, because we have a Leader of the House who is having a rostered week off—a rostered week off! We were called back for urgent business. We were called down to the other place yesterday and asked by His Excellency to deal with the registered organisations bill, which the Leader of the House has not even managed to bring in for debate!

Well, thank goodness the opposition is prepared to lead the debate. Thank goodness the opposition is prepared to come in and say, 'Well, if the government doesn't have any business, we have some.' Do you know what our business is, Mr Speaker? A royal commission into Australia's financial system. That is what our business is—a royal commission which will be held in public; a royal commission which, for the Treasurer's information, would have better and more powers than ASIC; a royal commission which would hear from victims; a royal commission which would recommend changes to whistleblowing laws; and a royal commission which could recommend changes to compensation. That is what the Australian people want their government to be doing. The government refuses, but the parliament is prepared to.

Or, at least, this side of the parliament is prepared to. We are prepared to have our names recorded in a few moments time as voting for a royal commission—

See this speech in context