Business

Nov 30, 2017

Banks put Turnbull out of his misery on inquiry

The big banks have saved Malcolm Turnbull from a problematic final week in parliament by agreeing to a royal commission.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

In the end it needed to a letter from the banks themselves to allow Malcolm Turnbull to accept the inevitable and set up a royal commission into the banks -- or what the Prime Minister called "misconduct in the financial services industry". At 8.30 this morning, the big four banks released a joint letter to the Treasurer calling for an inquiry into themselves, arguing:

... It is now in the national interest for the political uncertainty to end. It is hurting confidence in our financial services system, including in offshore markets, and has diminished trust and respect for our sector and people. It also risks undermining the critical perception that our banks are unquestionably strong ... We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is established to put an end to the uncertainty and restore trust, respect and confidence.

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