Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

Under the Constitution, the Australian government has responsibilities for the regulation of both banking and insurance. I want to point out to the chamber and especially to you, Senator Williams—I first, of course, recognise that you have called for a royal commission into financial misconduct for some time, and I respect that—that the banks are now vertically integrated. If we have an inquiry into the banking system, that includes the insurance markets. Most banks own financial services companies, including insurance companies. So the motion put by Labor I support, because it will encompass the areas of your concern. As far as forestry managed investment schemes go, those of us who were on the inquiry who recommended for a royal commission—that would also encompass the banking system, because the banks finance the finance companies and places like Timbercorp. They are all included. I would urge you to support this motion today.

Question agreed to.