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

My question is to the Prime Minister. For years now, whenever costs for banks have increased the banks have invariably passed those costs straight onto customers. But it seems that whenever costs go down the banks pocket the difference. Given that the banks have confirmed that they plan to continue this behaviour by passing on the cost of the Prime Minister's bank tax, when will the Prime Minister finally pull the banks into line and give them the royal commission they deserve?

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

The banks are shaking in their shoes at the prospect of Bill Shorten and his royal commission.

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

The Prime Minister will refer to members by their correct titles.

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

Thank you, Mr Speaker. They are shaking with fear but not shaking as much as the legal profession are in anticipation at the hundreds of millions of dollars in fees. The member for Isaacs and his colleagues will be delighted. The reality is this: we are dealing with the issue of bank misconduct. We are not having a royal commission. We are taking action. The one-stop shop, the Financial Complaints Authority, will see Australian consumers and small businesses with complaints against banks getting action, getting a result, right now. Our new rules that deal with the remuneration of senior executives in banks put on them a responsibility to be accountable for malfeasance in their institution at a level that has not been seen before. There have been many reviews and inquiries, and we know what has gone wrong with the banks. What Australians need now is action. They need action, and they need action right now—and that is what we are delivering: action now that will protect small businesses and protect consumers. It will protect Australians from being ripped off by banks. It will protect them when they have a claim. It will give them the opportunity to be heard and to get a result.

The honourable member opposite knows that he has been left behind on this issue of banking accountability. He has no policies and no solutions. He has a call for a royal commission, which will enrich the legal profession, cost hundreds of millions of dollars, take many years and end up, no doubt, recommending the types of measures that are already in this year's budget. The difference is this: we are getting on with the job. We are governing. We are delivering. We are protecting consumers. We are protecting small businesses. We are holding banking executives to account, and we are doing it right now. The only protection racket that is being run at the moment is by the Leader of the Opposition and by the banks and the legal profession who want to obfuscate and delay. We are getting on with the job. We are defending the Australian people. We are changing the law to protect them to ensure that banks live up to their obligations to serve the people as faithfully as they should.