Banks show ‘autistic disregard’ for the law, Government MPs may cross the floor to back inquiry

Following banks continous autistic disregard for law , pressure on  commission of inquiry into the banking sector is growing and moving froward ,Nationals senator Barry O’Sullivan has  warned to bring this subject in parliament and has numbers to push his private members bill through Parliament.

It is to be noted that proposed commission of inquiry would have similar powers to a royal commission.A  royal commission needs to be established by the executive, where as when it comes to commission of inquiry it can be passed if both houses of parliament agree.

Senator O’Sullivan said , he has the support of four members and will get more in the coming weeks. These include maverick Liberal National (LNP) MP George Christensen and  fellow Queensland LNP MP Llew O’Brien.

O’Sullivan has urged the Prime Muisiter to give a high proitoy to the issue. “There’s no more important piece of business — millions and millions of Australians have been affected by the behaviour of the banks over time,” he said.

“If both houses of Parliament think this is a good thing to do … then I think the Prime Minister has to … sit up and take note of that, and support the parliamentary decision.”– he added.

Anna Bligh (Australian Bankers Association chief executive) reacted to this saying O’Sullivan has not provided any evidence to justify a commission of inquiry or the estimated $53 million cost of a royal commission.

“As yet no one has seen legislation from Senator O’Sullivan and nobody knows what terms of reference he might be proposing, so it’s impossible to comment,” Ms Bligh said.

O’Sullivan also said that parliament can decide the details of commission on inquiry . And when it comes to reporting he said Parliament will be the best place for the commission to report back.

“We are after all the legislators, and we are the ones who’ll have to bring out legislation and regulation, prudential and otherwise.So I think [members of Parliament] … are the appropriate people to receive the report.” – he said.

“A bill produced by the Greens made its way through the Senate without any difficulty, and my ambition is to ensure all that they want in an inquiry is homogenised into the bill that I’m developing,” he said.

 

 

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