Katy Gallagher (ACT, Australian Labor Party) Share this | Link to this | Hansard source

I, and on behalf of Senator Culleton, move:

That—

(a) the Senate notes that:

  (i) confidence and trust in the financial services industry has been shaken by ongoing revelations of scandals, which have resulted in tens of thousands of Australians being ripped off, including:

(A) retirees who have had their retirement savings gutted,

(B) families who have been rorted out of hundreds of thousands of dollars,

(C) small business owners who have lost everything, and

(D) life insurance policy holders who have been denied justice,

  (ii) it is clear from the breadth and scope of the allegations that the problems in this industry go beyond any one bank or type of financial institution,

  (iii) the Australian Labor Party, the Australian Greens, crossbench, Liberal and Nationals parliamentarians have supported a thorough investigation of the culture and practices within the financial services industry through a Royal Commission, which is the only forum with the coercive powers and broad jurisdiction necessary to properly perform this investigation,

  (iv) Australia has one of the strongest banking systems in the world, but Australians must have confidence in their banks and financial institutions, making it necessary to sweep away doubt and uncover and deal with unethical behaviour that compromises that confidence, and

  (v) the case for a Royal Commission into misconduct in the banking and financial services industry has only become stronger over time;

(b) the Senate calls on the Government to request His Excellency the Governor-General of the Commonwealth of Australia issue Letters Patent to establish a Royal Commission to inquire into misconduct in the banking and financial services industry, including their agents and managed investment schemes; and

(c) this resolution be communicated to the House of Representatives for concurrence.

Question agreed to.

John Williams (NSW, National Party) Share this | Link to this | Hansard source

I seek leave to make a statement of one minute or less.

Stephen Parry (President) Share this | Link to this | Hansard source

Leave is granted for one minute.

John Williams (NSW, National Party) Share this | Link to this | Hansard source

On 31 August and 1 September I stood in this place in response to a Labor motion calling for a royal commission into banks. I said then and I will say again that if we are going to go to the time and expense of a royal commission we should do it right. We should broaden it to take in all white collar crime. We should broaden it to take in industry super funds and the fees that they have siphoned off to the unions and then into Labor's war chest. I wonder if people in this chamber are aware that, as I read recently, over the past two years industry super funds paid more than $5.4 million to unions and the ACTU, with a fair portion of that flowing to the Labor Party. Get the terms of reference in, give us the detail and make sure you include industry super funds, group insurance and the strong connection between the Labor Party and the union movement. Let's have a proper royal commission is what I am saying.

Rod Culleton (WA, Pauline Hanson's One Nation Party) Share this | Link to this | Hansard source

by leave—I table documents in relation to the terms of reference.

Question agreed to.