Linda Reynolds (WA, Liberal Party) Share this | Hansard source

To the chair. I would happily remind those opposite, including Senator Polley, of all the achievements that have been implemented and are still in the process of being implemented. What the government has done with this announcement today is absolutely in the best interest because those reforms that wouldn't have happened under your regime and your proposal are still being implemented. We will have a 12-month inquiry while all of the other reforms are happening, and then additional reforms will be brought in at the end of that time. Again, I thoroughly commend the government for that very sensible approach.

So, why now? The government has been very clear, and the Treasurer and the Prime Minister both said today, that ongoing speculation—quite often generated by those opposite—about a royal commission is causing disruption and uncertainty and has the potential to impact and to undermine Australia's reputation as a world-class financial system. It's got to such a point that even the major banks have today asked for that uncertainty to end, which is not, as they suggest, some grand conspiracy. It is actually in the national interest for our banks to have certainty and for all of the millions of Australians—not only the hundreds of thousands of Australians employed in our banking and financial sector, but also every single Australian—to know that their money, their superannuation and all of their other financial affairs are managed, and managed very well and transparently. Most Australians, as I said, are consumers of banking, superannuation and financial services and they all have the right to be treated fairly. I commend the government's action to the Senate and I congratulate them.