LNP's Ken O'Dowd backs down on bank royal commission

KEN O'Dowd used the term, "blatant abuse of power",  when describing some of the actions of the banking industry during his campaign.

Despite this, today he voted against holding a royal commission. 

>>Ken O'Dowd 'open to investigation' into the banks

In April, he said he was open to the idea of an investigation into the industry but would take his lead from prime minister Malcolm Turnbull.

NOT HAPPY: Member for Flynn Ken O'Dowd used sharp words to describe the banking industry during his campaign.
NOT HAPPY: Member for Flynn Ken O'Dowd used sharp words to describe the banking industry during his campaign. Paul Braven

He said he was not sure about a royal commission because he was worried about the message it would send to international investors.

But he said he did want action.

"I've had complaints against the banks made by my constituents and there are faults on both sides," he said.

"But, in some cases, it's a blatant abuse of power by the banks.

"I'm open to further investigation but whether it should be a royal commission or an ICAC-type inquiry… I need more evidence."

Today he voted to support a motion put forward by member for Dawson George Christensen that noted a royal commission "would simply be reviewing old ground".

The motion was passed, meaning opposition leader Bill Shorten's bid for a royal commission failed.

The motion also moved to improve the complaints systems, so customers did not fall through cracks,  and a standing committee where banks would be expected to explain pricing.

New Queensland Labor senator Anthony Chisholm, after being sworn in yesterday, said one of his goals was to make local Liberal National Party members accountable for their actions in Canberra.

He said Ken O'Dowd had a chance to back his statement during the election for "more investigation" but did not follow through.

"Today Ken O'Dowd was singing a very different tune, backing Malcolm Turnbull's plan to avoid scrutiny of the financial services industry" Senator Chisholm said.

"O'Dowd says one thing in Gladstone and does another in Canberra."
 


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