The federal government and the banks have caved in to political pressure and agreed on a royal commission into the industry.
In a backdown forced by a backbench revolt, Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have announced a royal commission was needed - not because there was anything wrong with the banks, but because the ongoing clamour for an inquiry was harming both the sector and the economy more broadly.
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Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
