This is a government of former bankers, closely allied to the banking industry, and yesterday's attempt to head off a banking royal commission via a package of funding and reforms for the Australian Securities and Investments Commission looks more and more like a win for the banks.

Remember, Malcolm Turnbull is a former Goldman Sachs partner. Assistant Treasurer Kelly O'Dwyer is a former NAB executive; NAB is also a sponsor of her local fundraising body and in 2014-15 gave the Liberals a total of just under $240,000 (it gave Labor a total of $35,600). Not to mention cabinet secretary Arthur "I can't recall" Sinodinos, who is also a former NAB executive.