Four Coalition MPs may cross floor over banking inquiry

Barry O’Sullivan says up to four Coalition MPs including George Christensen may cross the floor over banking inquiry.

George Christensen has confirmed he is committed to crossing the floor over a bank commission. Picture: Gary Ramage.

Queensland LNP senator Barry O’Sullivan says as many as four Coalition MPs could provide the votes necessary for a commission of inquiry into misconduct in the banking sector.

Queensland LNP MP George Christensen has today confirmed he is committed to crossing the floor on the issue.

Senator O’Sullivan has indicated that as many as ten Coalition senators could use the precedent WA Liberal senator Dean Smith’s same-sex marriage bill to support a banking inquiry in Senate, prompting Bill Shorten to urge Malcolm Turnbull to allow a Royal Commission.

While a Royal Commission would require the support of the Prime Minister, a commission of inquiry could be achieved with a parliamentary vote.

Senator O’Sullivan, who has previously opposed same-sex marriage but says he will not block Senator Smith’s bill, says he has been committed to a banking inquiry for a long time, but hadn’t seen a pathway.

“The introduction of Dean’s bill into the Senate showed a new pathway for backbenchers to be able to pursue matters of importance to them, and I’m just simply following along these steps,” Senator O’Sullivan told ABC radio.

Asked how many House of Representatives Coalition MPs were likely to support an inquiry, Senator O’Sullivan refused to name names.

“I’m not about to identify them publicly, but they’ve got great interest in it and they’ll wait and see the terms of the commission of inquiry,” he said.

“There could be as many as four. There are a couple on the public record of course. George Christensen’s one. Llew O’Brien’s another who’s indicated he’s 50:50, if you like, but remember this, George’s decision to support any legislation around a commission inquiry goes back before I announced my interest in the Senate, so George, as I understand it’s a matter of public record now, wrote to the Prime Minister back on the 13th of the month to indicate that that would be his position.”

Senator O’Sullivan indicated he expected to have the support of Labor, the Greens and some members of the crossbench.

“(The Greens have) supported an almost identical bill in the past, and I expect they’ll do the same,” he said.

“Labor have come out and indicated again, reserving their right on the content, but they’re likely to support the bill as well.”

Asked whether MPs crossing the floor over a banking inquiry would constitute “public humiliation” for Malcolm Turnbull, Senator O’Sullivan said the Prime Minister has to sit up and take notice of the issue.

“It’s been an untidy year. The people of Australia are simply aching for us to get back to business and in my view there’s no more important piece of business,” he said.

“Millions and millions of Australians have been affected by the behaviour of the banks over time.

“They show almost autistic disregard for prudential regulation and law, and it’s time for these people to have their day in court, it’s time for them to have their day in the open forum to bring these matters to the fore.”

Asked whether he hoped to pass a banking inquiry bill this year, Senator O’Sullivan said he didn’t think it was in anyone’s interests to let it languish on the notice paper over the Christmas break and dominate debate.

“I really think they need to attend to it and test it, and if it fails, it fails, but if it passes, it’ll give the government a chance to be able to put things in place so that we can have this commission of inquiry commencing early in the new year,” he said.

Senator O’Sullivan said the inquiry would also look into superannuation, insurance and other related financial services.

Shorten calls for royal commission

Opposition Leader Bill Shorten continued Labor’s calls for a royal commission into the banks.

“Every time there is a financial scandal in Australia, every time thousands of people get ripped off, we hear from the banks ‘it was just a one-off incident. We’re very sorry. It will never happen again’, and the next time you open the pages of Australia’s financial press, yet again we discover another scandal and another problem,” he said.

“While our banking industry is profitable, I do not believe that the only way the banking industry can be profitable is by ripping off ordinary consumers. Enough is enough. Turnbull has got to stop running a protection racket for the banks and come out of the ivory tower and

listen to the needs of the ordinary people.

“Every day Australians want a banking royal commission and only Labor can be trusted to deliver that.

“Every day Australians are actively lobbying coalition members. I have no doubt there are coalition member whose are frustrated to their back teeth about Mr Turnbull’s lofty, elitist defence of the banks.

“I know there are people who want to see a banking royal commission, but when it comes down to a choice between Mr Turnbull and myself, I am the only one who can be trusted to have a royal commission for the banks and I will never give up until we get one. Australians deserve nothing less.”