Australian senate adds pressure for banking inquiry
(20 March 2017 – Australia) Pressure is building for a commission of inquiry into Australia's banking system following support from the Senate crossbench of Greens’ bill to establish one.
The bill is co-sponsored by Greens senator Peter Whish-Wilson and crossbenchers Nick Xenophon, Jacqui Lambie, Derryn Hinch and the current One Nation senators after extensive discussions between them during the past few months over the terms of reference for the inquiry.
The Labor Party is also expected to support the bill while Nationals senator John Williams has confirmed he will cross the floor to vote for it. Senator Williams is a long-time supporter of a royal commission into the banks.
The move follows stiff resistance from the government against a royal commission into the banking sector despite ongoing scandals in financial advice, life insurance, investment schemes, unfair lending practices and alleged bank bill swap rate rigging.
A vote will not be immediately called on the issue to allow debate.
"The Greens have consulted across parties and the crossbench to make changes that have satisfied everyone," Senator Whish-Wilson said.
Should the Senate pass the bill it would then go to the House of Representatives for a vote where the numbers were finely balanced after Liberal National MP George Christensen has already signalled he could cross the floor to vote in favour of an inquiry.
"After this all we will need is one additional Coalition MP to choose the interests of the people of their electorate over those of the banking sector and then this commission of inquiry can get up and running," Senator Whish-Wilson said.
A commission of inquiry, like a royal commission, has powers to compel documents, testimony and court-ordered searches. A key difference is that under a royal commission the government has much greater control of the process. It can set the terms of reference and the royal commission reports to the government.
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