***Updated*** Queensland Liberal National Party senator Barry O’Sullivan intends to introduce a bill calling for a commission of inquiry into the Australian banking and financial services sector.
Speaking to ifa, a spokesperson for the senator said a draft of the bill will hopefully be circulated among Mr O’Sullivan’s fellow senators by the end of the week before being introduced to Parliament.
The bill is intended to homogenise a number of bills calling for a commission intothe bankng sector already in circulation, the spokesperson said, and is expected to receive the support of senators from both Labor and the Greens.
“Several MPs are considering their options regarding this bill,” the spokesperson said.
The spokesperson said Mr O’Sullivan made the decision to introduce the bill following the support Parliament has shown for Liberal backbencher Dean Smith’s bill to legalise same-sex marriage.
“The introduction of Dean Smith’s bill has presented us with an opportunity for backbenchers to introduce to Parliament an issue that our office and the community see as being important,” the spokesperson said.
“We’ve been working on a banking commission for a long time, it’s an issue that’s repeatedly come up.”
Correction: A previous version of this article mistakenly referred to Mr O’Sullivan's proposal as supporting a "royal commission". It has subsequently been amended to reflect that the senator is proposing a "commision of inquiry".
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