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Tom Elliott: Banking Royal Commission will change nothing

The Royal Commission on the finance sector will waste time, money and change nothing – according to Tom Elliott.

On 3AW Drive Treasurer Scott Morrison, who described the decision as “the least worst option”, said developments in the parliament over the past 48 hours prompted the government to backflip on its stance on a banking Royal Commission.

“It was going to undermine confidence in the banking system,” Mr Morrison said.

“They (Labor, the Greens and the Nationals) were going to have an absolute caravan of craziness.”

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Tom Elliott argued the $75 million spent on this commission is a waste of money.

“I guarantee, the Royal Commission, after a year and $75 million spent we will not end up with a banking system which is any different,” he said.

“This is Canberra games being played out with our dosh.”