The Senate today passed a motion calling for the establishment of a royal commission to inquire into misconduct in the banking and financial services industry.

The motion was moved by the ALP leader in the Senate, Penny Wong. After five minutes of discussion, it was passed on the voices.

The motion was similar to one rejected the day before by the House of Representatives.

The motion requested the concurrence of the House. When it was presented to the House later in the day, the government was outmanoeuvred by the Opposition in a series of votes. The absence of Coalition MPs meant that the government lost control of the House for nearly two hours. [Read more…]