George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Hansard source

I thought you did say that in fact, Senator Whish-Wilson, but if I misheard you then I acknowledge that. But there is not systemic criminality in the Australian financial system. Australia's financial system is one of the best regulated, best governed and strongest in the world. As a former member of that industry, Senator Whish-Wilson, you would be in a position to know that. That is not to say, however, that there are not instances of misconduct. In relation to the particular instances you have given, some of them, I am aware, are currently the subject of proceedings before the courts and, for obvious reasons, it would not be appropriate for me to comment on those particular instances. But the suggestion that there is the kind of widespread wrongdoing in the Australian financial system that we have seen, by comparison, in the trade union movement, leading to the Heydon royal commission, is simply wrong. The direct answer to your question, as I said at the time of the establishment of the Heydon royal commission, is that you establish a royal commission where the wrongdoing is comprehensive and systemic, and that is not this case.