Katter hands Morrison a temporary reprieve on March sittings

Maverick independent MP Bob Katter has rejected Labor’s push to sit in March.

Maverick independent MP Bob Katter has rejected Labor’s push to sit in March and deal with the banking royal commission’s recommendations, handing Scott Morrison a temporary reprieve.

The key lower house crossbencher last night declared he did not want parliament extended — just one day after flagging support for the Labor proposal — and told The Australian the Hayne royal commission’s findings were “worthless”.

Instead, he called for immediate legislative and regulatory changes and said he would talk to Queensland Nationals MP Geo­rge Christensen, who was one of the first Coalition members to champion a royal commission into the banks, to achieve action.

“I’m in a pretty powerful position and I want outcomes. I don’t want any more looking into it or further inquiries or extending parliament, I just want it to happen,” Mr Katter said. “If the ALP were fair dinkum they’d adopt that position. You can’t threaten the government but I’m more inclined to be nice to them if they’re doing some of the things that desperately need to be done.

“(My constituents) want the banks held to account. Quite frankly, I don’t think any of those royal commission recommendations are worth two bob. I think you’re looking at ASIC and APRA staying where they are, absorbing money from the public purse and delivering absolutely no benefit to the Australian people.”

Mr Katter denied he would break a $234 million deal with Mr Morrison to support the government on the floor of parliament in exchange for water projects if he voted with Labor to add more sitting weeks because “there was never any deal”.

But his insistence he does not want to sit in March means Mr Morrison is likely to avoid a second embarrassing defeat on the floor of parliament in as many days after Labor and the crossbench yesterday joined forces to legislate the so-called medivac amendments.

Labor needs to win over all seven independents in order to achieve an absolute majority of 76 MPs to suspend standing orders in the House of Representatives and move a motion to add an extra two March sitting weeks to legislate banking reforms.

If Mr Katter opposed the procedural tactic, Labor would lose the vote and the current schedule of just two sitting weeks before the April 2 budget would remain.

The industry body representing the financial services sector has warned against a rushed implementation of recommendations in the Hayne royal commission report.

Under pressure from Labor, Josh Frydenberg also announced the government’s first two legislative responses to the royal commission — extending civil penalties to superannuation trustees if they breach their duties to act in the best interests of members and prohibit dodgy deals between super funds and employers.

The Financial Services Council said the royal commission’s 76 recommendations should be treated with the same diligence and rigour as any other new bills brought before the parliament.

“While we must move quickly to repair the sector’s damaged reputation and ensure that consumers are able to trust the people, products and services in our sector, it was only eight days ago that the final report of the royal commission was released by the government,” FSC chief executive Sally Loane said.