Chris Ketter (Queensland, 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 the minister's statement yesterday that a royal commission into the banks will take forever and achieve nothing. Can the minister rule out the Turnbull government's support for a royal commission or a commission of inquiry into the banks?

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

I explained yesterday why it is not the government's policy to have a royal commission into the banks. If you'd been listening—as I'm sure you were, Senator Ketter—to the question Senator Georgiou asked me yesterday, he pointed out himself that, since the GFC, there have actually been 17 separate inquiries into the banking system, parliamentary inquiries and other inquiries, and the government has been very, very active in implementing the recommendations of those inquiries; in particular, giving effect to the recommendations of the Ramsay review, looking at legacy cases of banking misconduct. The point I made to the chamber yesterday and I make again today is that, if we had adopted the Labor Party's view that there should be a royal commission, then it would still be going, because these royal commissions go for years. They report at the end, and aggrieved customers would have years to wait before they got any relief, years to wait before they got any compensation or recompense, as they are getting now as a result of the much more immediate steps that the government has taken. The Ramsay review is only one of the many—

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

Point of order, Senator Wong.

Penny Wong (SA, Australian Labor Party, Leader of the Opposition in the Senate) Share this | Link to this | Hansard source

The point of order is direct relevance. The question asked the minister to rule out the government supporting a royal commission or a commission of inquiry. He hasn't actually answered the latter part of the question.

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

I consider that the minister is relevant to the question. I cannot direct the minister to respond in the way a questioner may like.

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

Let us accept the position that is common between both sides of the chamber. There have been instances of misconduct by the banks. Some of those instances have been egregious. They should be redressed. So the question is: what is the most effective, immediate and useful form of redress? It's the government's view that, because of the cost and length of a royal commission, a royal commission is not the most useful and immediate form of redress.

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

Senator Ketter, a supplementary question.

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Media reports indicate that Senator O'Sullivan is willing to let the government take control of the process for a commission of inquiry into the banks. Has the Prime Minister or his office spoken to or met with Senator O'Sullivan in relation to his proposal?

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

Senator Ketter, I don't know what Senator O'Sullivan's arrangements are and who he speaks to. Senator O'Sullivan is a very industrious senator and he speaks to many colleagues. But, Senator Ketter, you asked about a commission of inquiry. I've explained to you why—in redressing the problem that the government, like the opposition, acknowledges is a matter of legitimate public concern—a royal commission is not the best mechanism or vehicle to deal with that problem.

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

A final supplementary question, Senator Ketter.

Chris Ketter (Queensland, Australian Labor Party) Share this | Link to this | Hansard source

Can the minister guarantee to the Senate that the coalition's junior partner, the Nationals, will continue to back Prime Minister Turnbull's opposition to a commission of inquiry into the banks?

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

I can tell you what the policy of the government is. As I've told you at length, the government's policy is not to have a royal commission, because a royal commission is not the most effective, immediate or efficacious way to deal with this problem. The most effective way to deal with this problem is to do what the government has already done—particularly, for example, through Professor Ramsay's review. Now, I acknowledge that there are a variety of views across the chamber in relation to this matter, but I've explained to you why the government has adopted the view that it has.