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

My question is to the Prime Minister. It is a matter of record that, after Labor called for a banking royal commission in April 2016, many Australians were still subsequently ripped off by the banks. How many people does the Prime Minister think suffered during the 600-day period that he opposed Labor's banking royal commission? And will the Prime Minister at least say sorry to this group of victims, who suffered because of his decision to put big banks ahead of the victims of banking scandals?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

We're waiting for the Leader of the Opposition's response to the banking royal commission and so are 25 million Australians. They're sick and tired of these stunts. The member for McMahon was desperate for us to put out the banking royal commission report so he could respond. A week later, we've seen absolutely nothing. The member for Hotham said they would agree to every single recommendation. Where is the start date for their response on the banking royal commission? This is what the Leader of the Opposition said back in 2012: 'Our banks are amongst the best in the world.' He said:

Well you know it's easy perhaps for politicians, current politicians, to go to extremes. Banks do have to make a profit.

That's what the Leader of the Opposition said. We are getting on with legislation in this parliament to implement the recommendations of the Hayne royal commission.

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

The Leader of the Opposition, on a point of order.

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

Yes, on direct relevance. I asked the Prime Minister if he would apologise, but the other part of the question—which I suppose the Treasurer can answer—is: how many people suffered during the 600-day period that the government refused to have the royal commission? How many victims were there?

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

As the Leader of the Opposition knows, there are a number of aspects to the question. The Treasurer has the call.

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

The royal commission looked back at misconduct a decade ago, which included misconduct that occurred on the Leader of the Opposition's watch. The Leader of the Opposition had Trio, had Storm Financial and had Opes Prime. The Leader of the Opposition, who was then the financial services minister of this country, was running around saying our banks were the best in the world. The Leader of the Opposition, who was then the financial services minister, said our regulators were the best in the world. The Leader of the Opposition, who was then the financial services minister, didn't call the royal commission. When we came to government, we called the Murray financial systems inquiry and we have been implementing the recommendations ever since. Now, with the Hayne royal commission, we're implementing its recommendations too.