Malcolm Turnbull pushes against Royal Commission into Banks

Malcolm Turnbull has reiterated the Government’s opposition to a Royal Commission into Australia’s banks, saying it wouldn’t offer any immediate solutions for the sector.

Speaking to Channel 7 this morning, the Prime Minister said the Government decided not to have an investigation into the scandal-plagued sector.

“We made the decision a long time ago, not because we don’t believe there is nothing going on in terms of problems with the banks, it is because we want to take action right now and we are,” Mr Turnbull said.


The comments come after reports emerged saying several high ranking MP’s are considering crossing the floor in defiance of the Coalition’s policy.

Australia’s banks have had a string of recent scandals, which have forced the government to strengthen the Australian Securities and Investments Commission and compelled the heads of Australia’s big banks to appear before a parliamentary committee at least once a year to account for their decisions.