Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to many troubling incidents over recent times in the Australian banking sector, and on 6 April the Prime Minister also said:

… there have been too many troubling incidents over recent times for them simply to be dismissed

Why won't the Prime Minister join with Labor and commit to a royal commission to restore and rebuild trust in the Australian banking sector—or is this just another case of the Prime Minister saying one thing and doing the complete opposite?

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

The Leader of the Opposition's enthusiasm for royal commissions seems to be limited to royal commissions into banks. We have had two royal commissions into the Australian building sector—the Cole royal commission and the Heydon royal commission—and each of them has said that we need to have the rule of law applying in the construction sector. Hundreds of examples have been presented. Indeed, there are over 100 members of the CFMEU—officials—before the courts on over 1,000 breaches of industrial law, and every day small business men and women—tradies—are not able to get a start on union jobs. Jobs that should be built—hospitals, schools, roads and buildings that should be constructed at a price the taxpayer can afford—we know are priced out of the market by the demands and the lawlessness of the CFMEU. The Leader of the Opposition is an apologist for them. No matter how much evidence is presented, he refuses to confront it.

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

The Prime Minister will resume his seat. Has the Prime Minister concluded his answer? The Prime Minister has not. The Manager of Opposition Business on a point of order.

Mr Frydenberg interjecting—

Mr Ciobo interjecting—

The minister for resources and the minister for trade will cease interjecting. The Manager of Opposition Business has the call.

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

Thank you, Mr Speaker. We are now more than a minute into the answer, so, in terms of the preamble, a question about a banking royal commission has to at some point involve an answer that refers to banks.

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

I am listening very closely to the Prime Minister. The Prime Minister can have a preamble and, as I have said before, is entitled to compare and contrast. I am listening to the Prime Minister for the rest of his answer.

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

Thank you, Mr Speaker. If anyone doubted the hypocrisy, the opportunism and the shallow populism of the Leader of the Opposition, let us go back to his remarks in 2012, when he was the minister for financial services.

Mr Dreyfus interjecting—

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

The member for Isaacs!

Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

And he said:

AUSTRALIA has some of the best banks in the world. It is … because of our excellent regulatory system and prudent management.

He said a couple of years before:

The Australian Prudential Regulation Authority has ensured the strength … of our banks and financial services sector. And the Australian Securities and Investments Commission, with the support of government, has been busier than ever over the past few years.

I know my predecessors in this position have said that the Australian "twin peaks" regulation model has worked very well and continues to work.

Well, it does not work for him politically, and that is why he wants to have a royal commission.

Let me say to you, Mr Speaker: if the Leader of the Opposition were to have his way, not one person who has been given poor advice would be compensated. The only beneficiaries of years and years of a royal commission into wickedness in the financial services sector—no terms of reference—would be the legal profession. I can say, whether it was in my remarks on 6 April or in the work of this government, we are focused on action. We are focused on ensuring that the banks are regulated and that those who break the law are brought to account and those who get a raw deal are dealt with fairly and compensated appropriately.

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

Just before I call the member for Banks, the member for Isaacs—

Mr Bowen interjecting—

The member for McMahon might stop interrupting me. The member for Isaacs will cease interjecting.