Summary

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The majority voted in favour of a motion to establish a Royal Commission into misconduct in the banking financial services sector. The motion was introduced by Greens Senator Peter Whish-Wilson.

Motion text

That the Senate—

(a) notes:

(i) the recommendations of the 2014 Economics References Committee inquiry into the performance of the Australian Securities and Investments Commission,

(ii) the misconduct that has been uncovered in the financial planning arms of the Commonwealth Bank of Australia, National Australia Bank, ANZ Bank and Macquarie Bank,

(iii) that IOOF are being investigated for insider trading and front-running,

(iv) That the insurance arm of the Commonwealth Bank is alleged to have unfairly and fraudulently denied life insurance claims,

(v) that court proceedings have been initiated against ANZ Bank and Westpac for manipulation of the bank-bill swap rate, and

(vi) the lending practices of ANZ Bank and Bendigo Bank that contributed to the collapse of forestry managed investment schemes;

(b) calls on the Government to establish a Royal Commission into misconduct in the banking financial services sector; and

(c) notes That the Australian Greens moved a motion for the Senate to support a Royal Commission on 24 June 2015.

Votes Passed by a small 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
Nick McKim Tasmania Yes
Lee Rhiannon NSW Yes
Janet Rice Victoria Yes
Rachel Siewert WA Yes
Robert Simms SA Yes
Larissa Waters Queensland Yes
Peter Whish-Wilson Tasmania Yes
Australian Labor Party (83% turnout) 19 Yes 0 No
Catryna Bilyk Tasmania Yes
Carol Brown Tasmania Yes
Doug Cameron NSW Yes
Kim Carr Victoria Yes
Sam Dastyari NSW Yes
Alex Gallacher SA Yes
Katy Gallagher ACT Yes
Chris Ketter Queensland Yes
Sue Lines WA Yes
Joe Ludwig Queensland Yes
Jenny McAllister NSW Yes
Anne McEwen SA Yes
Jan McLucas Queensland Yes
Claire Moore Queensland Yes
Deborah O'Neill NSW Yes
Nova Peris NT Yes
Helen Polley Tasmania Yes
Lisa Singh Tasmania Yes
Anne Urquhart Tasmania Yes
Jacinta Collins Victoria Absent
Stephen Conroy Victoria Absent
Glenn Sterle WA Absent
Penny Wong SA Absent
Ricky Muir Victoria Australian Motoring Enthusiast Party Yes
Nigel Scullion NT Country Liberal Party No
Gavin Marshall Victoria Deputy President Absent
Bob Day SA Family First Party Absent
Jacqui Lambie Tasmania Independent Yes
Glenn Lazarus Queensland Independent Yes
John Madigan Victoria Independent Yes
Nick Xenophon SA Independent Yes
David Leyonhjelm NSW Liberal Democratic Party No
Liberal National Party (100% turnout) 0 Yes 2 No
Matthew Canavan Queensland No
James McGrath Queensland No
Liberal Party (76% turnout) 0 Yes 19 No
Christopher Back WA No
Simon Birmingham SA No
David Bushby Tasmania No
Michaelia Cash WA No
Richard Colbeck Tasmania No
Sean Edwards SA No
Concetta Fierravanti-Wells NSW No
Mitch Fifield Victoria No
Bill Heffernan NSW No
David Johnston WA No
Jo Lindgren Queensland No
Ian Macdonald Queensland No
James Paterson Victoria No
Marise Payne NSW No
Linda Reynolds WA No
Anne Ruston SA No
Scott Ryan Victoria No
Zed Seselja ACT No
Dean Smith WA No
Eric Abetz Tasmania Absent
Cory Bernardi SA Absent
George Brandis Queensland Absent
Mathias Cormann WA Absent
David Fawcett SA Absent
Arthur Sinodinos NSW Absent
National Party (75% turnout) 0 Yes 3 No
Bridget McKenzie Victoria No
Fiona Nash NSW No
Barry O'Sullivan Queensland No
John Williams NSW Absent
Dio Wang WA Palmer United Party Absent
Stephen Parry Tasmania President No
Totals (81% turnout) 34 Yes – 27 No