The Australian Greens have announced that they will move to introduce legislation into the Senate this week that would establish a Parliamentary Commission of Inquiry (PCI) into the Australian banking sector.
With similar powers to a Royal Commission, a PCI can be established by the Parliament alone and does not require endorsement from the Executive.
"After this week's dog and pony show from the big four banks, it's time we got serious and blew the lid on their dodgy practices," the Greens' finance spokesperson, Senator Sarah Hanson-Young said.
"This is the comprehensive, forensic examination of the banking industry that the country has to have.
"If this bill can pass the Senate, all it will take is one brave Coalition back bencher to support it in the House of Reps and it will pass.
"A Parliamentary Commission of Inquiry would have former judges appointed as Commissioners, the ability to compel witnesses and evidence and the power to conduct searches.
"Malcolm Turnbull is refusing to bring his mates at the big end of town into line, so it seems the Parliament is just going to have to do it for him."
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