Mike Freelander (Macarthur, Australian Labor Party) Share this | Hansard source

Sorry. That's a nudge from Westpac, a nudge from ANZ, a wink from NAB, a wink from CBA, 'say no more, say no more' from Macquarie, and, 'Malcolm, Mr Prime Minister, Squire, let's have a royal commission into ourselves,' right?

I'm a shareholder in all five banks. I ask for this royal commission, and I do so gladly as a member of the Labor opposition, which has been advocating for a banking royal commission for a very long time. Indeed, a banking royal commission should occur to adequately support those who have been victimised by banking scandals. These are everyday, hardworking people who've been mistreated, and they deserve justice. The banking sector needs to have a royal commission. The Liberal-National Party members admit that. These people deserve to have their stories heard, and reform must be undertaken to ensure that these banking scandals cannot occur into the future.

However, I truly fear that we will see very little action and even less justice for these victims under the Liberal-National Party government. It is not difficult to see where my scepticism comes from, when one considers the fact that this Prime Minister only announced a royal commission into the banks once he had received a signed permission slip from his mates in the banking sector. For 601 days, the federal Labor opposition have been championing a banking royal commission, and what we saw for almost two years was inaction from this Prime Minister and his government and his Treasurer. Actually, what I believe we saw was 18 months of complete resistance, with the government determined to protect their friends in the banking sector and trying very hard to pretend that they were doing something.

After 18 months where victims of banking scandals were essentially ignored by the Liberal-National Party coalition, one would think that the Prime Minister would seek to ensure that the opposition, which had been championing the cause, would be consulted in determining the terms of reference when the government performed its spectacular backflip and asked for a banking royal commission. However, this did not occur. Not only did this Prime Minister fail to consult with the opposition; he did not even consult with banking victims' groups. He consulted only with the banks. These are the people who've had most to say and least to do and who the royal commission should really not be working for—it should be working for the victims of banking disgraces. Yet this government has shown a complete and utter disregard for the people who have been most affected and for their opinions, their stories and their futures. It gets even worse. I would even go so far as to say that this government has treated these victims with contempt.

Before the royal commission has even begun, it appears that the Prime Minister's leadership will only amount to a slap on the wrist with a wet lettuce leaf for the banks. He's entirely beholden to the banks. Perhaps the banks even had input into the Prime Minister's announcement. If one looks at the content of the speech, one could be forgiven for thinking the Prime Minister made the announcement at gunpoint. He did not want to have to do it. The Prime Minister described the need to have a royal commission as 'regrettable'. That is a joke. He's announcing a royal commission which he says is regrettable. He said that not once but four times. Here are four regrets that perhaps the Prime Minister will have at some point in reflection in his life: No. 1, he may regret that the government could have taken action 18 months ago, rather than sitting on its hands; No. 2, he may regret that he did not have enough leadership to call for an effective royal commission long ago, instead having to wait to be told what to do by the banks; No. 3, he may regret that his government has effectively ignored the victims groups, whose members so desperately deserve and need inquiry into what's happened to them; and, No. 4, I suspect he may come to regret ignoring the needs of the constituents of the member for Dawson and so many others in this place.

The banking royal commission under this government could be a farce. The only reason the Prime Minister has made this announcement, 'regrettably', is that he cannot hold the numbers in his own party room. The Prime Minister made this backflip after months of inaction, to save his failing leadership. He and his government do not appear interested in standing up for hardworking Australians who have been victimised by large corporations. (Time expired)

See this speech in context