Read The Times Australia

Daily Bulletin

The banking story has a way to run for Malcolm Turnbull

  • Written by: Michelle Grattan, Professorial Fellow, University of Canberra

Malcolm Turnbull’s resistance to a royal commission into banks is flouting public opinion and will test his own backbenchers, who have their fingers on the electoral pulse on this hot-button issue.

An Essential poll out Tuesday found that 64% supported a royal commission with only 13% opposed. Support has risen five points since April, as the debate spearheaded by Labor has intensified.

Bill Shorten knows he is on a good thing, and he intends to stick to it. Labor is out daily pushing the case for a royal commission.

Turnbull’s attempt to counter with his recent plan to bring bank executives before a House of Representatives committee at least annually has been seen as little more than token.

Even in parliamentary terms it is limited. Nationals senator John Williams is critical of the lack of involvement of senators. The Senate committee system has done a good deal of investigation into the instances of rorts by the banks, and Williams says pointedly: “Involvement of senators [in quizzing the bank executives] would give better outcomes and better questions”.

Williams is one of the Coalition backbenchers publicly pressing for the government to do more than it has so far signalled. He and Queensland Liberal Warren Entsch are pushing the idea of a banking tribunal, through which people with grievances could seek justice.

Entsch says “some of these people have been battling for over a decade” with the banks, which have the capacity to throw a lot of money at lawyers, holding the strong advantage over victims who lack resources. A tribunal would put banks' behaviour in the spotlight by showcasing the examples of malpractice, Entsch argues.

Its operation, which he says should include enforceable decisions as well as fines and redress, would be a disincentive to bad behaviour. Those who could seek redress would include victims of both financial advice and lending rorts.

A parliamentary inquiry into impaired loans for small business and property development, which reported in May, found “there has been – albeit in a minority of cases – a persistent pattern of abuse of the almost complete asymmetry of power in the relationship between lender and borrower”. The committee recommended a process to examine contentious cases and determine restitution in circumstances of “unconscionable conduct”.

Entsch argues the establishment of a tribunal would lead to quicker results than a royal commission, while acting as a stick on the banks.

When the new parliament starts, Labor will put up motions calling for a royal commission. Only the government can set up such an inquiry but if a motion was passed in the Senate – which is likely – it would be embarrassing for Turnbull.

Williams, who has been a leading participant in the debate about banking ethics, has called consistently for a royal commission but wants it into white-collar crime more widely. He says, however, that depending on the terms of reference he would probably cross the floor on a motion for a royal commission into banking. “I don’t want to make a hypocrite of myself in my last three years [in the Senate],” he says, but predicts the numbers would be there without his vote.

Crucially, the government would have to make sure it kept its numbers intact in the House of Representatives, where it has a majority of only one. Presumably it would – the stakes would be too high for defections on such a high-profile test so early.

But the mood in the Coalition parties' ranks will be important in determining what extra action Turnbull will have to consider, short of a royal commission.

Authors: Michelle Grattan, Professorial Fellow, University of Canberra

Read more http://theconversation.com/the-banking-story-has-a-way-to-run-for-malcolm-turnbull-64010

Business News

How Fulfilment Services in Australia Help Businesses Scale Efficiently

The growth of e-commerce and modern retail has transformed customer expectations. Consumers now expect fast shipping, accurate order processing, and seamless delivery experiences regardless of where...

Daily Bulletin - avatar Daily Bulletin

Practical Ways Australian Workplaces Can Reduce Operating Costs

Reducing business costs doesn’t always mean cutting staff, shrinking services or making the workplace feel bare-bones. In many cases, the smarter savings are hiding in everyday operations: the light...

Daily Bulletin - avatar Daily Bulletin

Executive Recruitment Solutions That Help Organisations Secure Exceptional Leaders

Leadership has a direct impact on organisational performance, employee engagement, strategic growth, and long-term success. Businesses operating in increasingly competitive environments require experi...

Daily Bulletin - avatar Daily Bulletin

Why A WooCommerce Website Designer Matters For Online Growth

Running an online store today requires more than simply listing products and waiting for customers to arrive. Businesses need a website that is fast, reliable, easy to navigate, and designed to suppor...

Daily Bulletin - avatar Daily Bulletin

Turning Your Empty Tables into Revenue

The rise of AI demand tools in hospitality, the EatClub–CommBank partnership, and seven trends reshaping Australian dining  A growing number of Australian venues are turning to AI-powered demand ma...

Daily Bulletin - avatar Daily Bulletin

High-Impact Dental Marketing Strategies That Are Driving Real Practice Growth Today

The landscape of dental practice growth in Australia has shifted dramatically over recent years. Standard, broad-spectrum advertising campaigns no longer yield the return on investment they once did. ...

Daily Bulletin - avatar Daily Bulletin

How Telematics Helps Australian Companies Improve Productivity

Operating a commercial fleet in Australia is a uniquely demanding endeavour. Between the sprawling urban sprawl of cities like Sydney and Melbourne and the immense, unforgiving stretches of the Outb...

Daily Bulletin - avatar Daily Bulletin

Inside the Icon: The BridgeMuseum Officially Opens at the Sydney Harbour Bridge

A bold new way to experience one of Australia’s most recognisable landmarks has arrived, with BridgeClimb Sydney officially opening the all-new BridgeMuseum.  Located inside the Sydney Harbour Bridge...

Daily Bulletin - avatar Daily Bulletin

Is Your Brand Showing Up in AI Search? Most Melbourne Brands Aren't.

The New Front Door Nobody Told You About Something changed. Quietly. Without a press release. The way buyers find businesses in Australia has been rewired. Not replaced, rewired. Google isn't dead...

Daily Bulletin - avatar Daily Bulletin

The Daily Magazine

Traffic Light System Solutions For Safer And More Efficient Traffic Management

Modern cities and growing communities rely heavily on effective traffic management to ensure safety...

Gold Migration Lawyers in Liquidation: How the Closure Affects Your ART Appeal

If your appeal was with Gold Migration Lawyers, a recent change to how the Tribunal decides cases ...

The pressure cooker: life in urban Australia in 2026

Australian cities have always been demanding. Long commutes, rising housing costs, busy schedules a...

What Actually Makes a Good Criminal Lawyer in Melbourne

Most people only think about this question once. That is usually too late. Most people charged wi...

Why Working With A Chatswood Tutor Can Improve Academic Performance

Academic expectations continue increasing for students across primary school, high school, and senio...

Is It Worth Getting Solar Panels in Melbourne?

The real question is not whether solar works in Melbourne. It works. The question is what it is co...

How A Diploma Of Project Management Builds Practical Skills For Modern Work Environments

Developing the ability to plan, execute, and deliver outcomes efficiently is a key requirement in to...

How to Choose the Right Football for Every Level

Choosing a football may seem straightforward, but the right option depends on who will be using it a...

What to Ask a Wedding Photographer Before You Book

Booking a wedding photographer can feel deceptively simple: you like the photos, you like the vibe...