Overnight, Malcolm Turnbull has seemingly backflipped on his position regarding an inquiry into the financial services sector following the extraordinary step taken by the major banks in requesting the Turnbull government set up a formal inquiry.
In a letter from the big four banks, received by Scott Morrison this morning, it was said that it is “in the national interest for the political uncertainty to end. It is hurting confidence in our financial services system, including in offshore markets, and has diminished trust and respect for our sector and people”.
Turnbull has said the inquiry will run for twelve months.
The move comes amid growing pressure from the Labour and National parties and could be seen by some as acquiesce. The surrender comes as the government was unable to stop a parliamentary commission of inquiry that was driven by Nationals MP Barry O’Sullivan and backed by Labor, the Greens, NXT, One Nation and independents. Given such widespread opposition, it had the necessary numbers to pass both houses.
Despite significant criticism regarding the citizenship saga and his leadership in general, we now have a Prime Minister who has (almost) legislated same sex marriage and brought about a royal commission into financial services in one political term – could this be the turning tide Malcolm has been waiting for?