Prime Minister Malcolm Turnbull has said that in retrospect it would have been more ideal if a banking royal commission had be carried out 2 years ago. This comes after Turnbull and his Coalition colleagues had routinely denied the need for a royal commission over the last 2 years, actively arguing against the commission taking place even when Coalition backbenchers demanded it.
Since the PM eventually approved a royal commission late in 2017 there have already been major revelations regarding entrenched misconduct by banking executives. In response Mr Turnbull said he takes full responsibility for the commission not happening sooner.
While visiting Germany, Mr Turnbull said that “all of the commentators are right” when referring to the fact the commission should have been held earlier. Mr Turnbull’s view is opposed by Financial Services Minister Kelly O’Dwyer who has continued to deny that there was any need to have a royal commission.
Matt Canavan, the Resources Minister, said that he was wrong in resisting the royal commission for this long. He said that he was shocked and disgusted by what evidence he had seen presented so far.
He said that he “didn’t think” that the royal commission would “deliver the results that it has” and that he was “happy to say I was wrong”.
Treasurer Scott Morrison has admitted that the government has “copped a lot of political flak” over resisting the royal commission but has accused Labor’s Bill Shorten of politicising the issue. He denied answering questions about whether the government made a mistake in delaying the royal commission.
Other senators such as John ‘Wacka’ Williams had insisted the royal commission was necessary for several years but admits they are still shocked by the current findings. Senator Williams said that all other MP’s who opposed the commission should publicly apologise like former deputy Prime Minister Barnaby Joyce did.
Senator Williams predicts that more scandals are going to emerge as to royal commission goes on. While Malcolm Turnbull has admitted he was wrong to delay the commission, he has opted rather to explain his reasoning rather than admit fault directly.
Turnbull argued that he had called our bad bankers in a speech he gave 2 years ago and that he did not act on the royal commission because it would have been harder to legislate with it going on. He said he was concerned to royal commission would take several years and prevent any changes being made.