‘No’ camp goes for banking royal commission

CONSERVATIVE MPs are threatening to launch a royal commission into the banking sector after being thwarted by a rival gay marriage bill.

Senior Cabinet minister Mathias Cormann has already moved to quash the revolt against the government’s position.

The Finance Minister told Sky News even if the bid was successful in parliament, it was up to the government to launch a royal commission.

It came after Fairfax Media reported yesterday that conservative National Party senators who felt ambushed by Liberal Senator Dean Smith’s bill to legalise same-sex marriage were planning to use the same tactics to launch a banking royal commission.

It would be hugely embarrassing for Prime Minister Malcolm Turnbull in the final sitting weeks of the year if the move succeeded.

Queensland senator Barry O’Sullivan told the Australian Financial Review he would reveal a private member’s bill to establish the royal commission on Thursday.

Labor, the Greens and crossbench senators would co-sponsor the bill, as happened with Senator Smith’s bill to legalise samesex marriage this week.

The bill would have the numbers to pass the upper house if it was introduced there first.

In the House of Representatives, Senator O’Sullivan would need Coalition MPs to cross the floor and go against the government’s position for it to pass.

Fairfax reports Senator O’Sullivan is already speaking to Queensland Nationals MP George Christensen about whether he would support the move.

About 10 Coalition senators opposed to the same-sex marriage bill are reportedly behind the push for a royal commission after being thwarted in their attempt to put forward a rival bill on gay marriage.

That bill was proposed on Monday by Liberal senator James Paterson.

Senator O’Sullivan told Fairfax Media: “We have been treated with contempt rather than harmonise the Smith and Paterson bills.”