Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Why did the Prime Minister say yesterday that, if a royal commission into the banks went ahead, AUSTRAC's legal action against the Commonwealth Bank would have to be postponed, when there's actually nothing to prevent a royal commission and related court cases going ahead at the same time? Shouldn't the Prime Minister know this from the HIH royal commission, which he's very familiar with and which took place at the same time as a senior company executive was prosecuted in court? When will the Prime Minister stop making up excuses to stop a royal commission into the banks?

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

I thank the honourable member for his question. The most important priority is for AUSTRAC to prosecute its case. These are civil penalty cases. The honourable member is challenging an opinion I gave on what the right relationship between an inquiry and a court case may be. I won't embark on a debate about that, but let us focus on the real issue, which is that AUSTRAC, our regulator, has done a very good job in identifying this alleged wrongdoing. It is taking action and it's getting on with it. The reality is this: the Labor Party talks on and on about a banking royal commission. Fair enough. And the Leader of the Opposition says, 'The Prime Minister wants to give the banks a tax cut.' I do not think he would be saying that very loudly at the moment. So, he says, 'The Prime Minister wants to give them a tax cut and we'—the Labor Party—'want to give them a royal commission,' on the basis that that is a terrible thing to have to happen to you.

Let me be clear about this: if you look, one after the other, at the likely recommendations a royal commission would make after an inquiry into the banks, we are taking action on them. What are we doing? We are sorting out the proper complaints mechanism. We are sorting out issues of governance. We are taking tough action right across the board on accountability and responsibility. So the fact is we are dealing with these failures of the banks, which we acknowledge. We are dealing with them right now in the here and now with real action that will get people justice right now. That's the focus. Our focus is not on slogans but on action. We want action, and that is what our measures are doing.

Jim Chalmers (Rankin, Australian Labor Party, Shadow Parliamentary Secretary to the Leader of the Opposition) Share this | Link to this | Hansard source

By the banks, of the banks and for the banks.

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

If the honourable member doubts me, he should go and ask a few bank executives how they feel about the changes we are making to senior executives' accountability. I can tell you they're not very happy about that. They're not very worried about a royal commission. What they're concerned about is the real action we are taking in the here and now.

Honourable members interjecting—

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

Members on both sides!

Mr Bowen interjecting—

The member for McMahon is warned!