Coalition MP Luke Hartsuyker has given support to a Labor Party proposal to conduct a royal commission into Australia’s banking industry.
Coalition MP Luke Hartsuyker has given support to a Labor Party proposal to conduct a royal commission into Australia’s banking industry. Trevor Veale

Coalition MP vows support for Labor's probe into banking

IF A Royal Commission into the practices of the banking industry is called, Cowper MP Luke Hartsuyker wants the role of financial advisors included in the terms of reference.

Mr Hartsuyker has given qualified support to the Labor Party proposal to conduct a royal commission into the banking sector highlighting the concerns constituents have brought to his office

"One of the areas that has been raised is with regards to the activities of financial advisors who have been associated with the banks," Mr Hartsuyker said.

"Certainly the way in which certain borrowers have been treated by the banks has also been raised. Of course there are two sides to every story but these are certainly matters that could be the subject of some consideration by an inquiry going forward."

Mr Hartsuyker is one of eight Coalition MP's who have expressed support for the royal commission. The others include Warren Entsch, George Christensen, Ken O'Dowd and Senator John Williams as well as David Fawcett, Bert van Manen and Philip Ruddock. The latter trio are all members of a parliamentary committee examining the financial services sector.

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison have expressed a view that a royal commission would be unnecessary, arguing the Australian Securities and Investment Commission, the Australian Prudential Regulation Authority and the Reserve Bank have the power to ensure Australia's banks and financial sector is well regulated.

The Prime Minister said: "Labor says they want to have a royal commission into the banks. Well, they haven't told us what the terms of reference would be, so what's it actually going to be about? They've said the word 'royal commission' and said the word 'banks'.

"ASIC has all of the powers of a royal commission; all of the powers of a royal commission plus much more."

Mr Hartsuyker said since flagging his thoughts on the issue, he hasn't been in contact the Nationals leadership team.

"I haven't received any feedback from Barnaby Joyce or Fiona Nash but certainly I have received support from a range of community members who agree with the concept that a royal commission may have some value in highlighting concerns with regards to activities in the banking sector," he said.

Whether or not Mr Joyce and/or Senator Nash agree with him, Mr Hartsuyker said talk of a possible royal commission should not be ignored.

"I think that a royal commission into the banking industry has some merit," the Cowper MP said.

"We currently have a banking enquiry underway and I think that we shouldn't be ruling anything in or out until that banking inquiry is concluded."



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