Malcolm Turnbull insists his government won't agree to a royal commission into the big banks, despite reports the issue has been raised in cabinet.
The prime minister again argued such an inquiry would be expensive and probably make recommendations the coalition is already implementing.
"There is not going to be a banking royal commission," he told the Nine Network on Wednesday.
Treasurer Scott Morrison refused to confirm the cabinet deliberations, but noted it wouldn't be surprising to hear senior ministers consider such issues from time to time.
"The government's position remains the government's position," he told ABC radio, dismissing Labor's proposal as a lawyers picnic.
