Concetta Fierravanti-Wells (NSW, Liberal Party, Minister for International Development and the Pacific) Share this | Hansard source

I too rise to speak, first of all, on the question of banking, superannuation and financial services, but, more importantly, to counter the misrepresentations that Senator McAllister has just provided to the Senate. We have one of the strongest and most stable banking, superannuation and financial services industries in the world. They perform a critical role in underpinning the Australian economy. Our banking system is systematically strong, with internationally recognised world's best prudential regulation and oversight. However, the ongoing speculation and fearmongering about a banking inquiry or a royal commission has been disruptive, and it risks undermining the reputation of Australia's world-class financial system. This is what those opposite have been doing. They have been going out there deliberately and systematically fuelling fearmongering and speculation about this banking inquiry and, therefore, in so doing, they are risking and undermining the reputation of our financial system. As a consequence of this, we have decided to establish this royal commission to further ensure our financial system will work efficiently and effectively.

The royal commission will inquire into the alleged misconduct of Australia's banks and other financial services entities. All Australians have the right to be treated honestly and fairly in their dealings with the banking system, with superannuation entities and providers and with financial service providers. The highest standards for these institutions is vitally important to the good governance and corporate culture of those providers and of our system so that the best outcomes possible are provided for Australian consumers. I think that this banking inquiry will also afford the opportunity to look at what this government has actually been doing in its steady program of addressing misconduct by the banks. We have embarked on a reform agenda and we will be continuing that reform agenda. We will take action, where necessary, to hold banks and other financial service entities accountable. The royal commission will not defer, delay or limit in any way any proposed and any announced policy, legislation or regulation that we are currently implementing.

Senator Gallagher came into this place today at an appropriate time, given the circumstances that we are facing today. I will say for the record: Senator Dastyari's comments as he came into this chamber in relation to his conduct fall very short of what is required for this Senate. It was very clear that Senator Dastyari has a lot more to say on this matter. He has failed to do so and, I think, failed to provide adequate explanation in relation to his dealings with Mr Huang.

Whilst we are here and we are talking about issues, I also want to have a look at Mr Dastyari's—