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Greens Senator Peter Whish-Wilson moved

That the Senate—

(a) notes:

  • (i) the recommendations of the Economics References Committee inquiry into the performance of the Australian Securities and Investments Commission, and

  • (ii) the allegations that financial planners at the Commonwealth Bank of Australia, National Australia Bank, ANZ Bank, Macquarie Bank and, most recently, IOOF had engaged in unethical and/or unlawful activity; and

(b) calls on the Government to establish a royal commission into misconduct within the financial services sector.

Peter Whish-Wilson explained:

It is time for a broad-ranging royal commission in this country into white collar crime and misconduct in the financial services sector. Nearly 12 months ago, the Senate inquiry of the Economics Committee made a recommendation for a royal commission into the Commonwealth Bank. Following that, in the last 12 months, thanks to some brave whistleblowers and some dogged reporting from Fairfax journalists, we have seen allegations and revelations of misconduct at Macquarie Bank, ANZ, National Australia Bank and, recently, at IOOF. How many more scandals are lurking under the surface?

Although the Senate has done some good work, and I do commend some of my colleagues in this chamber for their work, the committee made a recommendation for a good reason. That is, a royal commission would have the powers to get to the bottom of this and sort it out once and for all for the good of the financial services sector and for the good of the Australian people. I recommend my fellow senators support this motion

Liberal Senator Mitch Fifield argued that a Royal Commission was not needed due to existing scrutiny of the financial services sector and ongoing inquiries.

Votes Not passed by a modest majority

Nobody rebelled against their party.

Party Votes
Australian Greens (100% turnout) 10 Yes 0 No
Richard Di Natale Victoria Yes
Sarah Hanson-Young SA Yes
Scott Ludlam WA Yes
Christine Milne Tasmania Yes
Lee Rhiannon NSW Yes
Janet Rice Victoria Yes
Rachel Siewert WA Yes
Larissa Waters Queensland Yes
Peter Whish-Wilson Tasmania Yes
Penny Wright SA Yes
Australian Labor Party (58% turnout) 0 Yes 14 No
Joe Bullock WA No
Doug Cameron NSW No
Kim Carr Victoria No
Sam Dastyari NSW No
Alex Gallacher SA No
Katy Gallagher ACT No
Joe Ludwig Queensland No
Anne McEwen SA No
Jan McLucas Queensland No
Claire Moore Queensland No
Nova Peris NT No
Helen Polley Tasmania No
Lisa Singh Tasmania No
Glenn Sterle WA No
Catryna Bilyk Tasmania Absent
Carol Brown Tasmania Absent
Jacinta Collins Victoria Absent
Stephen Conroy Victoria Absent
Chris Ketter Queensland Absent
Sue Lines WA Absent
Jenny McAllister NSW Absent
Deborah O'Neill NSW Absent
Anne Urquhart Tasmania Absent
Penny Wong SA Absent
Ricky Muir Victoria Australian Motoring Enthusiast Party Absent
Nigel Scullion NT Country Liberal Party Absent
Gavin Marshall Victoria Deputy President No
Bob Day SA Family First Party No
Jacqui Lambie Tasmania Independent Yes
Glenn Lazarus Queensland Independent Yes
Nick Xenophon SA Independent Yes
John Madigan Victoria Independent Absent
David Leyonhjelm NSW Liberal Democratic Party No
Liberal National Party (50% turnout) 0 Yes 1 No
James McGrath Queensland No
Matthew Canavan Queensland Absent
Liberal Party (76% turnout) 0 Yes 19 No
Christopher Back WA No
Cory Bernardi SA No
Simon Birmingham SA No
David Bushby Tasmania No
Michaelia Cash WA No
Richard Colbeck Tasmania No
Sean Edwards SA No
David Fawcett SA No
Concetta Fierravanti-Wells NSW No
Mitch Fifield Victoria No
Jo Lindgren Queensland No
Ian Macdonald Queensland No
Marise Payne NSW No
Michael Ronaldson Victoria No
Anne Ruston SA No
Scott Ryan Victoria No
Zed Seselja ACT No
Arthur Sinodinos NSW No
Dean Smith WA No
Eric Abetz Tasmania Absent
George Brandis Queensland Absent
Mathias Cormann WA Absent
Bill Heffernan NSW Absent
David Johnston WA Absent
Linda Reynolds WA Absent
National Party (25% turnout) 1 Yes 0 No
John Williams NSW Yes
Bridget McKenzie Victoria Absent
Fiona Nash NSW Absent
Barry O'Sullivan Queensland Absent
Dio Wang WA Palmer United Party No
Stephen Parry Tasmania President No
Totals (70% turnout) 14 Yes – 39 No