Australia bows to pressure with inquiry into bank misconduct
Malcolm Turnbull
A royal commission — the highest form of investigation in Australia — will review the banking  pension and financial services industries   Prime Minister Malcolm Turnbull  announced.
 Turnbull 's conservative coalition has been resisting calls from the center-left opposition Labor Party for such an inquiry for almost two years. His stance changed after the chief executives of Australia's four largest banks wrote to the government on Thursday requesting a "properly constituted inquiry."
By establishing a royal commission  Turnbull  has staved off a bid by Labor to have Parliament conduct its own inquiry into misconduct allegations.
"Ongoing speculation and fear-mongering about a banking inquiry or royal commission is disruptive and risks undermining the reputation of Australia's world-class financial system "  Turnbull  said in a statement.
"The government has decided to establish this royal commission to further ensure our financial system is working efficiently and effectively "  he  added.
But  Turnbull  said the royal commission "will not put capitalism on trial."
A royal commission — the highest form of investigation in Australia — will review the banking  pension and financial services industries   [TGT]announced.
 [TGT] 's conservative coalition has been resisting calls from the center-left opposition Labor Party for such an inquiry for almost two years. His stance changed after the chief executives of Australia's four largest banks wrote to the government on Thursday requesting a "properly constituted inquiry."
By establishing a royal commission  Turnbull  has staved off a bid by Labor to have Parliament conduct its own inquiry into misconduct allegations.
"Ongoing speculation and fear-mongering about a banking inquiry or royal commission is disruptive and risks undermining the reputation of Australia's world-class financial system "  Turnbull  said in a statement.
"The government has decided to establish this royal commission to further ensure our financial system is working efficiently and effectively "  he  added.
But  Turnbull  said the royal commission "will not put capitalism on trial."