Prime Minister Malcolm Turnbull dodges royal commission question

MALCOLM Turnbull has refused to answer whether he regrets questioning a need for a royal commission into banks following unscrupulous behaviour by some of the big lenders.

PRIME Minister Malcolm Turnbull has refused to answer whether he regrets questioning a need for a royal commission into banks and instead trumpeted his moves to crackdown on the besieged financial sector.

Speaking for the first time since the Royal Commission revealed shocking and unscrupulous behaviour by Westpac, Commonwealth and AMP, Mr Turnbull in London said his inquiry had broader terms of reference than proposed by Labor.

“The Commissioner is undertaking his work and I think we should allow that work to continue.

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Britain's Queen Elizabeth II and Prince Charles greet Australia's Prime Minister Malcolm Turnbull and his wife Lucy in the Blue Drawing Room at Buckingham Palace. Picture: AP

“I just want to say in respect of, for example, the new increased penalties that have been foreshadowed by (Financial Services Minister) Kelly O’Dwyer, this is work that has been ongoing for some time.

“We have taken the view that it is important for the Government to get on with the job of financial reform.”

Prime Minister Turnbull has also rebuffed the United Kingdom’s global push to ban plastic straws, plastic-stemmed cotton buds and drink stirrers.

Theresa May unveiled her campaign at the Commonwealth Heads of Government Meeting (COAG) as Britain grapples with excess waste and internal pressure to take more action on environmental issues.

“Plastic waste is one of the greatest environmental challenges facing the world, which is why protecting the marine environment is central to our agenda at the Commonwealth Heads of Government Meeting,” Ms May said.

“The UK government is a world leader on this issue, and the British public have shown passion and energy embracing our plastic bag charge and micro bead ban and...we have put forward ambitious plans to further reduce plastic waste from straws, stirrers and cotton buds.”

But overnight Mr Turnbull signalled Australia was unlikely to replicate the ban.

“The ban of plastic bags and other items of plastic has been debated in Australia for many years,” Mr Turnbull said.

“It’s mainly a matter of state regulation. The Productivity Commission has had a look at it. It’s something that will come up for review.

“It’s not a simple matter because it can impose additional costs and in fact create additional pollution.

“The important point is to ensure that plastic waste does not find its way into our oceans.”

Originally published as Prime Minister Malcolm Turnbull dodges royal commission question