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

My question is to the Minister representing the Prime Minister, Senator Brandis. I refer to former Prime Minister Howard, who said:

I would be staggered if the coalition proposed a banking royal commission, that is rank socialism.

Is Mr Howard correct?

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

We're not proposing a banking royal commission. I don't know if you've been keeping up with this debate very closely, Senator Gallagher, but what Mr Howard said was to endorse the government's position of opposing a banking royal commission, for all the reasons I explained to Senator Georgiou. It was Senator Georgiou who pointed out to the chamber a few moments ago that, since the GFC, we've already had 17 inquiries. Intelligent political decision-making consists of identifying an issue and responding to it in an appropriate way. The government's view is that a banking royal commission is the least effective and most cumbersome way to respond to this issue, because, as I pointed out to our colleague Senator Georgiou, it will go forever—it will go for years, literally for years—and nothing will happen for all the years that the royal commission is underway. In the meantime, lawyers will make a fortune, customers will get nothing out of the process and we will have a long, navel-gazing inquiry into the integrity of the financial system, which our economy doesn't need, without any productive outcome. As a result of the government's response to several of the inquiries to which Senator Georgiou has referred, the government is already responding to instances of banking misconduct, and is responding in particular to the hardships of customers which have been suffered as a result of that misconduct.

Let me mention to you again the review being conducted by Professor Ramsay of the University of Melbourne— (Time expired)

Scott Ryan (President, Special Minister of State) Share this | Link to this | Hansard source

Senator Gallagher, a supplementary question.

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

Former Deputy Prime Minister Joyce has today indicated that the Nationals are 'only too willing' to consider a banking royal commission. Has Mr Joyce discussed his position with the Prime Minister?

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

I haven't seen Mr Joyce's remarks, so I won't be commenting on them—assuming, which is always an unsafe assumption, that they are being correctly attributed to him. However, let me, as I started to do with Senator Georgiou, tell you more about the way the government has responded to the legitimate public criticism of some of the conduct within the banking sector. We've made the banks—

Scott Ryan (President, Special Minister of State) Share this | Link to this | Hansard source

Order, Senator Brandis! Senator Gallagher?

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

A point of order on relevance: the question was whether Mr Joyce had discussed his position with the Prime Minister. It wasn't going to where Senator Brandis's answer was heading.

Scott Ryan (President, Special Minister of State) Share this | Link to this | Hansard source

Senator Gallagher, the minister was being relevant to the question as asked.

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

Among the many other things that the government has done to respond to the legitimate public criticism of decisions of some of the banks, we've made the banks more accountable to parliament by requiring them to regularly appear before the House of Representatives Standing Committee on Economics. If faced with a choice between making an appearance before a royal commission, which will not produce a finding for years, and having the immediate obligation to appear before a parliamentary committee several times a year, I know which is a greater accountability measure. (Time expired)

Scott Ryan (President, Special Minister of State) Share this | Link to this | Hansard source

Senator Gallagher, a final supplementary question.

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

Given that four coalition MPs and 10 coalition senators, including former Deputy Prime Minister Joyce, are reported to support a banking royal commission, which of these coalition MPs and senators does the Prime Minister regard as rank socialists?

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

I don't know where you get those figures from, Senator Gallagher. I am not aware that there is such a number of individuals. I know that a couple of individual backbench members have made that observation but I don't agree with it. What I think the Australian people expect the government to do, rather than waste hundreds of millions of dollars on lawyers' fees on a royal commission that will go for years, achieve nothing in the short term and have doubtful outcomes in the long term, is something much more important, which is to deal immediately with the needs of people who feel they've been ripped off with the banks. That is why, for example, we asked Professor Ramsay to deal with and go through the case load of legacy cases of people who have complained they've been treated badly by the banks, and Professor Ramsay has done that. The government is responding now—not in five years time, but now.