A powerful Royal Commission could be set up to investigate the Australian electricity sector and the pricing behaviours of power companies, after prime minister Scott Morrison said he was open to the idea.
A Royal Commission was suggested by Mr Morrison’s recent leadership rival Peter Dutton and has previously been floated by One Nation leader Pauline Hanson.
Asked on Melbourne’s Radio 3AW on Monday morning, Mr Morrison said he was open to the idea.
“Yes I am,” he said.
Australian Prime Minister Scott Morrison Source: AAP
The move would signal a different approach to Mr Morrison’s initial handling of the ongoing Royal Commission into banks and lenders, which has uncovered serious malpractice and possible criminal behaviour at some of the country’s leading financial institutions.
Mr Morrison opposed the banking probe for months, before eventually announcing one as treasurer under pressure from the Nationals and the opposition.
However, the prime minister is not open to examining the petrol sector, arguing he has already given the competition watchdog powers far greater than a royal commission.
Peter Dutton also flagged the commission. Source: AAP
Mr Morrison said that as treasurer, he knew there were real issues around accountability, competition and behaviour of boards in the financial services sector.
He was taking action to address each of these issues.
"Where I failed was to properly understand the real pain people had been feeling about being treated so badly," he said.
"What I didn't do - and this is where I do regret - is that Australians needed to work through the deep hurt they've had on this."
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