Good morning, early birds. The Prime Minister has finally buckled on his opposition to a banking royal commission, but at what cost? And Sam Dastyari has been saved (for now) by factional politics. It's the news you need to know, with Max Chalmers.
The banking regulator has announced it will conduct an independent inquiry into the Commonwealth Bank's culture. It's a good idea -- but someone else should be doing it, Glenn Dyer and Bernard Keane write.