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Wednesday, 31 August 2016
Page: 263

Senator McGRATH (QueenslandAssistant Minister to the Prime Minister) (16:07): I seek leave to make a short statement.

The PRESIDENT: Leave is granted for one minute.

Senator McGRATH: The government does not support a royal commission into the banking and financial services sector, because a royal commission will not benefit consumers or the Australian economy. A royal commission would go over old ground and would delay well-developed and important reforms that will strengthen consumer protections, ensure that malpractice is detected and punished and provide a one-stop shop for consumer complaints. It would also send the signal internationally that the government believes that there are structural problems with our banking and financial system. This would have significant repercussions for confidence, for international investment and for our AAA credit rating.