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Senate votes for rare inquiry into banks

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June 15, 2017

The Senate has passed legislation to establish a commission of inquiry into the banks.

The federal government is under renewed pressure to call a banking royal commission after the Senate voted to establish a rare form of parliamentary inquiry into the banks.

A private bill co-sponsored by the Greens and crossbenchers - including One Nation, the Nick Xenophon Team, Derryn Hinch and Jacqui Lambie - to establish a commission of inquiry into banking and financial services passed the Senate with Labor support on Thursday morning.

The bill now goes to the lower house where it's likely to be defeated unless a government MP crosses the floor.

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