Treasurer Scott Morrison is resolute against Labor's proposal for a royal commission into banks, slamming it as a reckless "populist whinge" from Bill Shorten.
Mr Morrison accused the opposition leader of acting with callous disregard and opportunism and simply "tickling" the public's ears with such an inquiry.
Mr Shorten didn't even have terms of reference for a royal commission because, like a blank whiteboard, the issues changed daily.
"I don't know what the royal commission is apparently into - and sadly, neither does Bill Shorten," the treasurer told Sky News on Sunday.
"It is nothing but a populist whinge from Bill Shorten."
A royal commission could undermine the banking and financial industry's confidence.
"That is a fire you don't want to start."
In contrast, the government's new "accountability clearing house" would compel banks to appear annually before parliament to explain their practices and rate cut decisions.
"This puts tension in the cord - accountability is never a bad thing."
Labor says a royal commission would be a thorough examination of the banks' practices.
Opposition financial services spokeswoman Katy Gallagher said several government backbenchers, including John Williams and Warren Entsch, had been arguing for a broader inquiry.
"Constituents are walking in their doors with complaints around their interactions with the banks," she told ABC TV.
"This isn't something that's going to disappear."
