Kelly O’Dwyer’s stunning mea culpa over banking royal commission

In an incredible about-face Kelly O’Dwyer says she regrets not calling a royal commission into the banks earlier.

Kelly O'Dwyer. Picture: AAP.

Financial Services Minister Kelly O’Dwyer has apologised for not calling a royal commission into the banks earlier, and says she regrets not doing so when asked to earlier this week.

The stunning mea culpa comes after Ms O’Dwyer refused nine times to concede the government erred by strongly opposing a royal commission during a trainwreck interview on the ABC’s Insiders on Sunday.

Were you wrong to delay a #BanksRC for as long as you did, @barriecassidy asks @KellyODwyer #BankingRC #auspol pic.twitter.com/n52ZlnOcx4

— Insiders ABC (@InsidersABC) April 21, 2018

“Many people have asked why the government opposed a royal commission for so long, and it is a legitimate question,” Ms O’Dwyer told a self-managed super fund conference in Melbourne this morning.

“With the benefit of hindsight we should have called it earlier, I am sorry we didn’t, and I regret not saying this when asked earlier this week.

“The government did get the timing wrong.”

Ms O’Dwyer said she was “greatly disturbed” by the revelations that have aired during the royal commission.

“Already the royal commission has highlighted in the most profound way, some of the devastating personal consequences that have resulted from corporate misconduct in the financial services sector,” she said.

Ms O’Dwyer sought to defend the government’s record in having engaged in a reform program to fix know problems in the financial services industry.

“The view we took at the time was to take action immediately based on the recommendations of the inquiry we initiated on coming into government, the Financial Systems Inquiry, rather than commence a royal commission,” she said.