Australia's opposition moves motion for Royal Commission into banks

[SYDNEY] Australia's opposition leader on Wednesday moved a motion for a sweeping public inquiry into the banking system following a series of allegations of misconduct including financial planning scams and insurance fraud.

Bill Shorten told the parliament which returned on Tuesday a Royal Commission was the only avenue that had the necessary coercive powers and jurisdiction to deal with bank misconduct. The government has opposed such an inquiry.

A Royal Commission is the most powerful investigative body in Australia, convened in recent years to address institutional child sexual abuse and corruption in the building trades, with the power to recommend prosecutions and new legislation.

REUTERS