No royal commission into banks. Say that again, PM
Malcolm Turnbull in Canberra, yesterday:
Cabinet has met this morning and is determined that the only way we can give all Australians a greater degree of assurance about the financial system is through a royal commission …
The Prime Minister addresses the media in Bennelong, Tuesday:
Let me tell you, if we had set up a royal commission into banks two years ago, none of the reforms that we have undertaken would have been able to be achieved. You know why? Because people would have said: “Oh, don’t do that. Wait for the royal commission’s report. Wait for the report. Wait for the report. Wait for the report.”
Turnbull on the Nine Network’s Today show, Monday:
Karl Stefanovic: But let’s make it simple, just to write that one off. While you are PM, under your watch, there will be no banking royal commission?
Turnbull: Karl, there is not going to be a banking royal commission and look, can I just say Karl, the reason for that is that banking royal commission is a long inquiry, it’s very expensive. But it doesn’t do anything other than write a report.
Turnbull on the Seven Network’s Sunrise program, Monday:
I can tell you that we as a government, we have decided not to have a royal commission … A royal commission would simply be an inquiry, take a long time, cost a lot of money and make recommendations which would no doubt be to do precisely what we’re already doing.
Turnbull speaking to the media in Sydney, November 17:
All of the recommendations that a royal commission would be likely to make are being undertaken now … So that is why we have not established a royal commission.
Turnbull on Sky News, May 10:
Well, look, the royal commission idea was always a waste of money. My objection to the royal commission was not that I thought there was nothing wrong with the banking sector. My objection to it was that it would take years, cost hundreds of millions of dollars, half a billion dollars or something of that order, and it would make a bunch of recommendations which you could write now.
Turnbull argues against a royal commission in the House of Representatives, May 10:
What is a royal commission into the banks going to tell us that we do not know? What recommendations is it going to make that we have not implemented? … the banks are not scared of a royal commission, sunshine.
Turnbull during the election campaign on Fiveaa Adelaide Radio, June 28 last year:
… a royal commission won’t address any of those issues. A royal commission would result in years of delay, enormous expense — the legal profession I guess would do very well out of it — but there would be absolutely nothing in terms of action.
Turnbull in parliament, April 18 last year:
It cannot compensate anyone … The only cheques that are written in respect of royal commissions are to the lawyers, and they do very well out of it.
Get our point yet? Turnbull in Sydney, April 10 last year:
They have said the words royal commission and they have said the word banks; they don’t know what the focus of the inquiry is going to be … You already have a very strong, powerful regulator.