Cormann, Sen Mathias

Senator CORMANN (Western Australia—Minister for Finance and Deputy Leader of the Government in the Senate) (14:50): My advice is that the banks were not consulted in relation to terms of reference in relation to the royal commission. This is something that was developed by the government. It was announced by the Prime Minister and the Treasurer. It is something, of course, that will now go through all of the appropriate steps to give effect to it.