Once again Cut & Paste in The Australian tells you all you need to know

No royal commission into banks. Say that again, PM

Malcolm Turnbull in Canberra, yesterday:
Cabinet has met this morning and is determined that the only way we can give all Australians a greater degree of assurance about the financial system is through a royal commission …

The Prime Minister addresses the media in Bennelong, Tuesday:

Let me tell you, if we had set up a royal commission into banks two years ago, none of the reforms that we have undertaken would have been able to be achieved. You know why? Because people would have said: “Oh, don’t do that. Wait for the royal commission’s report. Wait for the report. Wait for the report. Wait for the report.”

Turnbull on the Nine Network’s Today show, Monday:

Karl Stefanovic: But let’s make it ­simple, just to write that one off. While you are PM, under your watch, there will be no banking royal commission?

Turnbull: Karl, there is not going to be a banking royal commission and look, can I just say Karl, the reason for that is that banking royal commission is a long inquiry, it’s very expensive. But it doesn’t do anything other than write a report.

Turnbull on the Seven Network’s Sunrise program, Monday:

I can tell you that we as a government, we have decided not to have a royal commission … A royal commission would simply be an inquiry, take a long time, cost a lot of money and make recommendations which would no doubt be to do precisely what we’re already doing.

Turnbull speaking to the media in Sydney, November 17:
All of the recommendations that a royal commission would be likely to make are being undertaken now … So that is why we have not established a royal commission.

Turnbull on Sky News, May 10:

Well, look, the royal commission idea was always a waste of money. My objection to the royal commission was not that I thought there was nothing wrong with the banking sector. My objection to it was that it would take years, cost hundreds of millions of dollars, half a billion dollars or something of that order, and it would make a bunch of recommendations which you could write now.

Turnbull argues against a royal commission in the House of Representatives, May 10:

What is a royal commission into the banks going to tell us that we do not know? What recommendations is it going to make that we have not implemented? … the banks are not scared of a royal commission, sunshine.

Turnbull during the election campaign on Fiveaa Adelaide Radio, June 28 last year:
… a royal commission won’t address any of those issues. A royal commission would result in years of delay, enormous expense — the legal profession I guess would do very well out of it — but there would be absolutely nothing in terms of action.

Turnbull in parliament, April 18 last year:
It cannot compensate anyone … The only cheques that are written in ­respect of royal commissions are to the lawyers, and they do very well out of it.

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