Summary

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The majority voted in favour of a motion to establish a Royal Commission into misconduct in the banking and financial services industry. The motion was introduced by Labor Senator Anne McEwen.

Motion text

That the Senate—

(a) notes that:

(i) the confidence and trust in the financial services industry has been shaken by ongoing revelations of scandals, which have resulted in tens of thousands of Australians being ripped off, including:

(A) retirees who have had their retirement savings gutted,

(B) families who have been rorted out of hundreds of thousands of dollars,

(C) small business owners who have lost everything, and

(D) life insurance policy holders who have been denied justice,

(ii) the first 3 months of 2016 alone have seen:

(A) allegations of serious misconduct in the insurance industry,

(B) the launch of an investigation into several banks for bank bill swap rate fixing, and

(C) allegations that major financial institutions have supported systematic tax avoidance as a result of the disclosure of the Panama Papers,

(iii) it is clear from the breadth and scope of the allegations That the problems in this industry go beyond any one bank or type of financial institution,

(iv) on 6 April 2016, the Prime Minister himself said 'There have been too many troubling incidents over recent times for them simply to be dismissed',

(v) Australian Labor Party, the Australian Greens, crossbench, Australian Liberal Party and The Nationals parliamentarians have supported further investigation of these allegations through a Royal Commission, and

(vi) Australia has one of the strongest banking systems in the world, but Australians must have confidence in their banks and financial institutions, making it necessary to sweep away doubt and uncover and deal with unethical behaviour that compromises that confidence; and

(b) calls on the Prime Minister to request His Excellency the Governor-General of the Commonwealth of Australia issue Letters Patent to establish a Royal Commission to inquire into misconduct in the banking and financial services industry.

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 (78% turnout) 18 Yes 0 No
Catryna Bilyk Tasmania Yes
Doug Cameron NSW Yes
Kim Carr Victoria Yes
Stephen Conroy 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
Penny Wong SA Yes
Carol Brown Tasmania Absent
Jacinta Collins Victoria Absent
Lisa Singh Tasmania Absent
Glenn Sterle WA Absent
Anne Urquhart Tasmania 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
David Fawcett 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
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
Marise Payne NSW 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 (80% turnout) 33 Yes – 27 No