Malcolm Turnbulls banking royal commission is unravelling already, with revelations banking victims groups were not even consulted on its Terms of References.

Its becoming clear that the Turnbull Government worked with the banks to help develop its terms of references, not victims or their representatives.

The Government is deliberately limiting the scope of the Royal Commission to deny victims the chance to tell their stories.

Malcolm Turnbull has let the rorts and rip-offs continue for more than 18 months so he could protect the banks and protect his job.

Now he doesnt even bother talking to banking victims when he backflips. What an insult to these people whove fought so hard for justice.

For a successful and comprehensive Royal Commission now occur, it is critical that victims groups, the Opposition and other stakeholders are formally consulted on its Terms of References.

Given Malcolm Turnbull repeatedly said today that this Royal Commission was regrettable, and hes fought holding one for more than 600 days, its crucial he consult on its Terms of References to ensure the integrity of the Royal Commission.