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

My question is to the Prime Minister. AUSTRAC is taking legal action against the Commonwealth Bank for breaching Australia's anti-money-laundering laws in over 53,000 separate transactions. How many more scandals will it take before the Prime Minister finally supports Labor's call for a royal commission into the banks?

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

I will have more to say about this, but I would just remind the Leader of the Opposition that AUSTRAC has commenced legal proceedings. It has done its job. Were there to be an inquiry held into that of the kind the honourable member suggests, it would mean delaying or staying the legal proceedings. AUSTRAC is on the case doing its job. It has uncovered the wrongdoing and it is pursuing it. But I will ask the Treasurer to say more about this.

Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the Prime Minister for the opportunity to respond. The matter that AUSTRAC is pursuing in the courts with the Commonwealth Bank of Australia is very, very serious. That matter should be properly pursued through the courts. I was briefed on this matter in detail on Monday by AUSTRAC, and I immediately requested the chairman of the Commonwealth Bank to meet with me. I met with her earlier today to discuss the very serious issues with the Commonwealth Bank. At the same time, I have been taking advice from the key agencies and I have spoken both to APRA and ASIC in relation to these issues, as well as taking advice from Treasury. I have made it very clear to the Commonwealth Bank that, in relation to these matters, the government's response is prepared to consider all options, and that remains our view.