National MPs want tribunal into banks as well as Royal Commission

THE call for a Royal Commission into the banks appears to be dividing the Coalition, as Nationals Senators want to tackle “bank bastardry”.

Prime Minister Malcolm Turnbull doesn’t want a Royal Commission into the banks. Picture: AAP Image/Aaron Bunch.

A ROYAL Commission into banks is threatening to divide the Coalition, with one Nationals MP indicating he’d be prepared to cross the floor.

As well as a tribunal to tackle “bank bastardry”, Senator John Williams said he’d be willing to defy the Coalition and vote in favour of a banking Royal Commission if the terms of reference were right.

It comes as Deputy Prime Minister Barnaby Joyce signalled a willingness to meet with Senator Williams and Liberal MP Warren Entsch to discuss their plan for a tribunal to assist those who could not afford to take legal action against the financial sector.

Senator John Williams wants action taken against the banks. Picture: Kym Smith.

A banking Royal Commission was a key election promise by Opposition Leader Bill Shorten and is strongly opposed by the Turnbull Government.

Prime Minister Malcolm Turnbull has instead promised to meet with banking bosses at least once a year and restore funding to existing regulator the Australian Securities and Investments Commission.

But Senator Williams said he’d be willing to vote in favour of Labor’s Royal Commission if it made it to the Senate and he agreed with the terms of reference.

“My vote would make a big difference because when you look at the makeup of the new Senate you need 39 vote of course to pass the legislation, or pass the Bill,” he told the ABC.

“There would be 26 Labor and nine Greens, there is 35. I have no doubt that Pauline Hanson would support it, there is your 39.

“Probably others I would think Jacqui Lambie and even the Nick Xenophon Team would support it as well.

“So it will pass through the Senate. The House is where the action will be.”

Opposition Leader Bill Shorten has been pushing for a Royal Commission. Picture: Jono Searle.

When asked about being at odds with his party on this issue, Senator Williams said: “I am been consistent in what I have said for the last seven years and in my last three years in the Senate one thing I don’t want to do is make a hypocrite of myself.”

In addition to a Royal Commission, Senator Williams said he wanted a tribunal established to help those who felt that had fallen foul of the bank but “who did not have any money”.

His party leader, Mr Joyce, said he was open to discussing the tribunal, but feared it would duplicate the work already being done by ASIC.

“I don’t support the idea because I don’t know the full details (but) I’m only too happy to listen to Wacka and to listen to Entschy and find out what they’ve got to say,” he told the ABC.

Deputy Prime Minister Barnaby Joyce is also open to other options. Picture: Ray Strange.

Mr Entsch is expected to present a victim’s impact statement to Mr Turnbull and Treasurer Scott Morrison next week, as he requests a tribunal.

“There have been some serious bastard acts committed by the big banks and we don’t need a royal commission to tell us that,” he told The Australian.

“I am going to be pushing very hard for the tribunal in the first instance. That is my preferred way of going about it, because at the end of the day it is all about the victims, not about the bloody banks.”