The Opposition Leader has faced mounting pressure over his vagueness of his policy, which Treasurer Scott Morrison has derided as a “blank sheet of paper”

Interviewed by 3AW’s Neil Mitchell, Mr Shorten indicated the inquiry was “not necessarily” aimed at corruption, but would examine “systemic and widespread problems” in the banking sector.

“I think a royal commission would need to look at vertical integration. You know, are banks being, because they’re expanding to so many different products" - “And is there proper whistleblower legislation? Are the remuneration structures in banks working properly? - “How are the compensation schemes going when there are problems? And should there be a scheme of last resort compensation?”

Malcolm Turnbull's response was:

"What Mr Shorten has proposed, as you know, is a royal commission that would take many years, that would compensate nobody and the only financial benefits arising out of that royal commission would be given to the legal profession. - What he has proposed is lawyers first.”

Never forget that the Abbott government, whose metastases are deep inside the Turnbull government, launched THREE taxpayer-funded Royal Commissions soon after having lied its way into office. One against Rudd, one against Gillard and one against Shorten. These await payback. The banks, the IPA and the LNP, and any corrupt relationships between the three, would do. Shorten needs to borrow some pages from Abbott's playbook.