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38    Finance—Banking and Financial Services Sector

Senator Whish-Wilson, pursuant to notice, moved general business notice of motion no. 1148—That the Senate—

    (a)   notes:

                  (i)   the recommendations of the 2014 Economics References Committee inquiry into the performance of the Australian Securities and Investments Commission,

                 (ii)   the misconduct that has been uncovered in the financial planning arms of the Commonwealth Bank of Australia, National Australia Bank, ANZ Bank and Macquarie Bank,

                (iii)   that IOOF are being investigated for insider trading and front-running,

                (iv)   that the insurance arm of the Commonwealth Bank is alleged to have unfairly and fraudulently denied life insurance claims,

                 (v)   that court proceedings have been initiated against ANZ Bank and Westpac for manipulation of the bank-bill swap rate, and

                (vi)   the lending practices of ANZ Bank and Bendigo Bank that contributed to the collapse of forestry managed investment schemes;

    (b)   calls on the Government to establish a Royal Commission into misconduct in the banking financial services sector; and

     (c)   notes that the Australian Greens moved a motion for the Senate to support a Royal Commission on 24 June 2015.

Statement by leave : The Minister for Vocational Education and Skills (Senator Ryan), by leave, made a statement relating to the motion.

Question put.

The Senate divided—

AYES, 34

Senators—

Bilyk (Teller)

Ketter

McKim

Rice

Brown

Lambie

McLucas

Siewert

Cameron

Lazarus

Moore

Simms

Carr

Lines

Muir

Singh

Dastyari

Ludlam

O’Neill

Urquhart

Di Natale

Ludwig

Peris

Waters

Gallacher

Madigan

Polley

Whish-Wilson

Gallagher

McAllister

Rhiannon

Xenophon

Hanson-Young

McEwen

 

 

 

NOES, 27

Senators—

Back

Fierravanti-Wells

McGrath

Reynolds

Birmingham

Fifield

McKenzie

Ruston

Bushby (Teller)

Heffernan

Nash

Ryan

Canavan

Johnston

O’Sullivan

Scullion

Cash

Leyonhjelm

Parry

Seselja

Colbeck

Lindgren

Paterson

Smith

Edwards

Macdonald

Payne

 

 

 

Question agreed to.