EDITORIAL

Turnbull policy changes with the weather

IN the hall of fame for dumb political statements, Malcolm Turnbull notched up a doozy this week.

The Prime Minister, one of the Federal Parliament’s most eloquent speakers, was clearly lost for words.

Having defended the banks up to the hilt, they left the PM out to dry, calling for a royal commission into their conduct after months of opposing the concept.

Mr Turnbull was asked why he had made the policy about-face. His answer: “Government policy remains the same until it’s changed.”

It was up there with: “There’ll be no carbon tax under a government I lead” (Julia Gillard) and “I’m going to shirt-front Mr Putin. You bet you are, you bet I am” (Tony Abbott).

The Prime Minister should have been making light of the unpatriotic conduct of Labor senator Sam Dastyari. Instead, he had to halfheartedly defend the Government’s move to hold a royal commission into the banking sector.

On Tuesday, Mr Turnbull and Treasurer Scott Morrison labelled a judicial probe into the banking sector as counter-productive. Within 48 hours, they were describing it as a circuit breaker to prevent financial instability.

The embarrassing reversal was triggered by the Government’s restless backbenchers, many feeling bruised by the same-sex marriage survey.

The straw that broke the camel’s back was a joint statement from the Big Four banks themselves calling for Mr Morrison to hold the commission — opting to jump before they were pushed.

National Party senator Barry O’Sullivan’s commission proposal was seen by bank chiefs as only slightly better than Opposition Leader Bill Shorten’s original probe plan.

They evidently felt any model formulated by the Turnbull Government would be better than either the O’Sullivan or Shorten thought bubbles.

What the announcement confirmed in the minds of many voters was the lack of internal party discipline that is eating the Turnbull Government from the inside out.

With Barnaby Joyce set to easily win the New England by-election today, the real test will be the Bennelong snap poll between Liberal MP John Alexander and Labor challenger former NSW premier Kristina Kenneally next Saturday.

It’s a battle that the PM desperately needs to win.