Chris Bowen (McMahon, Australian Labor Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister and refers to his previous answer. Can the Prime Minister please tell the House about how the banking royal commission was really all his idea?

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

Actions speak louder than words. In the six years they were in government, did they initiate a royal commission into the banking industry? Did they increase the penalties for offenders when it came to offences in the banking and financial industry and all the scandals that the royal commissioner is actually now examining, which happened under their watch? What action did they take? They took no action at all. Under our government, we have introduced the toughest laws for banking executives in this country ever and around the world.

Under our government, we have introduced the toughest penalties, both personally and for the banks, that have ever been in place. We have been getting the results when the prosecutions have come before the courts. We have set up the Australian Financial Complaints Authority, which means that banking and financial customers can get access to justice without having to have a truckload of lawyers going with them. Indeed, as Treasurer, I was the Treasurer who initiated the royal commission into the banking and financial industry. The Leader of the Opposition doesn't understand that the public pay on results, not words.