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Category: Government and Politics / Business, Economics and Finance / Political Parties / Banking

Government backbenchers urge Turnbull to consider banking tribunal

Tuesday, 16 Aug 2016 08:22:26 | Anna Henderson

PM Malcolm Turnbull has resisted calls for a royal commission into the banking sector (AAP)

Two Federal Government MPs who have endorsed a banking royal commission are now proposing a special banking tribunal as a way for victims to seek justice.

New South Wales Nationals senator John 'Wacka' Williams and North Queensland MP Warren Entsch have both argued in favour of a royal commission.

The pair will now approach senior colleagues about a banking tribunal, for people who cannot afford to take action through the courts.

"If you've been sold up, of course you're penniless, there's nowhere to go," Senator Williams said.

"We're looking at a tribunal, as a recommendation, to be set up so people can seek justice in a situation where they do not have any money."

Labor has been attempting to ramp up pressure on the Government to hold a full-scale royal commission, continuing its election campaign focus on the issue.

Prime Minister Malcolm Turnbull has resisted the push, and instead announced plans to call the big banks before a parliamentary committee at least once a year to explain their treatment of customers.

Senator Williams said he still backed a royal commission into white-collar crime, and said his proposal for a tribunal was not a signal he was "wimping out" on the larger national inquiry.

Labor will push for a banking royal commission when parliament resumes at the end of this month.

If Labor puts a motion forward, it would not bind the Prime Minister to call a Royal Commission.

A motion could garner enough crossbench support to get through the upper house.

Senator Williams said, depending on the terms of reference, he would consider supporting a Labor motion but did not think his support would constitute the casting vote.

In the lower house Labor needs 76 votes, and would rely on the support of all crossbenchers as well as two Government MPs crossing the floor.

Senator Williams has waged a long-term crusade against banking malpractice.

He said he would continue to push for a better standard over the next three years, after which he intends to retire from federal politics.

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