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(generated from captions) I can't tell you, she is such a giant in the sen thought. No, she's not. A giant who gets over the lecturn. In what's sure to be a major point of difference in election time, Bill Shorten promised a royal commission to investigate corruption in our banks. The Government says no. When the current government won power, Tony Abbott wasted no time in announcing the royal commission into trade union governance and corruption, the story goes that Abbott added the last two words himself. Corruption, organised crime involvement, standover tactics, kickbacks, etc.You might think the calls for a royal commission into widespread allegation, misconduct and unethical practices within our banks would be sure.We're seeing stories of retirees losing savings, many losing millions because of unethical and corrupt practices within banks.It turns out the government is not keen. What sort of message to you think Bill Shorten is saying there needs to be a royal commission into the banks sends to the international community? What do you think that will say to investors looking to look at Australia in All of the big four have had scandal. Like the whistleblower who revealed the Commonwealth Bank's insurance arm tampered with medical files and put pressure on doctors to change their medical opinions so the CommBank wouldn't have to pay out. ANZ was in trouble for breaching responsible lending laws when it inappropriately offered overdraft facilities to customers. Westpac fell under spotlight for unethical practices. And at NAB a man was banned for forging signatures for financial gain. There are 73 incidents like this going back to 2009.We're dealing with problems now. We don't understand what a royal commission will add.If it's good enough to have a royal commission into the dodgy, corrupt practices of the union movement in the building industry, I think it is big enough to have one in the banking and financial services sector. But the PM says our banks have enough regulation and oversight. The banking industry, the financial services sector is heavily regulated. There is also ASIC, which has all the powers of a royal commission and much more.So is our PM protecting the top end of town, or is Bill Shorten playing politics? Let's ask him. We're joined by Opposition Leader Bill Shorten. Bill, you voted no to a royal commission to the banks a year ago. You've changed your tune. Why is that? Is it because bank bashing is a vote grabber?No, I think after another year we've seen of the scandals, you listed some of them, financial planners, not living up to the expectations of customers, people with life insurance policies being dudded out of legitimate insurance claims. No I, think in the last year we have waited to see banking clean up its own act but there are too many scandals. Malcolm Turnbull said last Wednesday that yoi can't just keep sweeping these problems under the carpet. So that's why Labor has put a stake in the ground and we've said there should be an inquiry into seeing how widespread is problems are in banking. Banking is so important to every Australian. We need the best culture, best ethical standards we can possibly extract out of our sector.I understand the point you're making. I will confess, it does have the whiff of politics. I know how incensed everyone in Labor was about the union royal commission, really angry. It feelingsesic like you're having a whack at the Coalition and its support base.No, what incenses people in the Labor Party is tens of thousands of people getting ripped off.But Mr Shorten, that is exactly the argument -- that the Coalition is making about the unions. If you will say that was unacceptable to look into, how can you stand here now on the same principles and say this is any different?Well, I think at the start of the show, the start of this segment, you listed 73 separate examples from this year.No, they weren't from this year.Sorry, from 2009 to this year. But how many scandals do you need before you realise there's a systemic problem? Every time there's been a problem, from forest investment manage schemes, to financial planning, through to allegations about rate rigging. At some point we have to say enough is enough. Since 2009 banks around the world have had to pay $200 billion in penalties for their conduct. You know, I'm surprised that the government says nothing to see here. They've cut the funding of the regulator by $120 million. A royal commission is different to the current cop on the beat. It can join the dots. It has the broadest powers of any government inquiry. Australians - banking is so fund mental to everyone, from our mortgages to our credit cards. Isn't that the point Mr Shorten that Scott Morrison made, it is fundamental to the stability of the economy. If you have a royal commission into the banks, aren'ts you saying to offshore investors Australian banks aren't stable. Is it worth spending $50 million on a bank witch-hunt?If you follow Mr Morrison's logic, he's saying, we're willing to tolerate bad ethics, culture and the rorts because any proposal to make the banks o the bank sector healthier is bad for business.Are you saying the regulators we have are not doing their job?I'm saying they're underresourced. At a point you have to look at joining the dots. There's scandal after scandal. There are thousands who have lost hundreds of thousands of dollars and we can keep crossing our finningers and hoping things get better. Labor wants to see the healthiest possible banking sector. I can't believe the government is saying that they would tolerate an unhealthy banking sector, one which doesn't try to extract the best ethics. This is fund mental to our future. That's why Labor is going to stand and fight for thor and make sure we understand how widespread the problems really are. When quid e quizzed about the royal commission idea, Treasurer Scott Morrison got a little personal. Have a look. Bill Shorten is up there in his ill-fitting suite, puffing up his chest and saying we need to thump the table. It wasn't today, I apologise. Asking as a man who enjoyed a relaxed fit as well, didn't he go a bit far there?I think the problem is that Australia has an ill-fitting Treasurer. A live zinger! You know what, we can't top that. We will let you go. (APPLAUSE) A lot of people online are saying, echoing the sentiment as Anita who