KEY QUOTES ON ROYAL COMMISSION INTO FINANCIAL SECTOR:
"We have got to stop the banks and our financial services sector being used as a political football." - Prime Minister Malcolm Turnbull.
"It will not put capitalism on trial, as some people in the parliament prefer, and we'll give it a reporting date of 12 months." - Turnbull again.
"The nature of political events means the national economic interest is now served by taking what I describe as a regrettable but necessary action." - Treasurer Scott Morrison.
"It is now in the national interest for the political uncertainty to end." - Bank CEOs in letter to Treasurer Scott Morrison.
"He ignored the pleas of families and small businesses, he rejected the words of whistleblowers. But when the big banks wrote him a letter, he folded the same day." - Opposition Leader Bill Shorten, shadow treasurer Chris Bowen and financial services spokeswoman Katy Gallagher.
"It's becoming clear that the Turnbull Government worked with the banks to help develop its terms of references, not victims or their representatives." Bowen again.
"Turnbull dragged kicking and screaming to a banking royal commission and then seeks to blame Labor for it, as if it is bad thing." - Former treasurer Wayne Swan.
"It's a day we can finally achieve justice for those people who have been shafted by the banks here in Australia." - Greens leader Richard Di Natale.
"It wasn't a private member's bill that dragged the prime minister to the table. He was making his own journey in relation to these matters, but look I'm just not going to go into deep comment." - Nationals senator Barry O'Sullivan, who was pushing for a parliamentary commission of inquiry.
"So pleased the Govt has announced an RC today. Victims of CBA BankWest takeover deserve to have their day in court." - Liberal MP Julian Leeser tweets.
"I think the writing was on the wall. A group of National Party backbenchers got together and said enough is enough." - Nationals MP George Christensen.
"It is unfortunate that it has taken the high-farce of the banks giving the go-ahead to a prime minister for this to become a reality." - ACTU president Ged Kearney.
"The asymmetry in power between the banks and small businesses, together with the conduct of banks particularly since the global financial crisis in 2008, has left many small businesses in a devastating financial position." - Australian Small Business and Family Enterprise Ombudsman Kate Carnell.
