CHRIS BOWEN, SHADOW TREASURER: Thanks for coming everyone.

When Scott Morrison and Josh Frydenberg voted against a Royal Commission into banking and financial services, they had an alibi, an excuse. They said we dont need a Royal Commission, because we have a tough cop on the beat in ASIC. They kept saying it. Scott Morrison said that the Royal Commission was a populist whinge, when Josh Frydenberg said that it was just a bit of populist politics, they kept saying that a Royal Commission was unnecessary because we had ASIC as the tough cop on the beat.

This morning in a round of newspaper interviews, Josh Frydenberg has said he wants to strengthen ASIC because its not strong enough. It shows that this Government just does not get it. Their alibis, their excuse for not holding a Royal Commission was ASIC and now, the same man who said that ASIC is a tough cop on the beat says actually that it isnt tough after all.

Now Scott Morrison has acknowledged the error, I give him that. He said it was a mistake not to hold a Royal Commission. I havent heard Josh Frydenberg say that. But what matters is not acknowledging the mistake, its have the judgement and the courage in the first place, to call for a Royal Commission, to institute a Royal Commission when it was unfashionable not to. That was what Bill Shorten and the Labor Party did, showed the leadership to say hey, we need a Royal Commission here, and Scott Morrison, Josh Frydenberg and the rest of the Liberal Party was running a protection racket for bad behaviour, doing everything they could to avoid a Royal Commission, at the same time that Labor was leading. If Labor had been listened to two years ago, if Scott Morrison and Josh Frydenberg had listened to Bill Shorten, me and the Labor Party, a Royal Commission would be over, would have been implemented, and wed be getting on with the job. Instead we continue to see these daily scandals.

Now the other thing that Josh Frydenberg has said in his interviews today is that Australians will get wage rises under his leadership. Again, no plan, no detail, just an empty promise. Well, if Josh Frydenberg and the Liberals want to have wage rises, they should start by not cutting wages, penalty rates cuts, for those Australians who commit no crime other than working on a weekend. Under Scott Morrison and Josh Frydenberg, Australian workers are copping wage cuts if they work on the weekend, not wage rises, but wage cuts. So again, Josh Frydenberg is full of empty promises and empty rhetoric. What the Australian people need is a new government with new policies, elected at the next election, a Labor Government. The revolving door leadership under the Liberal and National Party has simply seen the same old policies.

Happy to take any questions.

JOURNALIST: (Inaudible)

BOWEN: These are matters which of course, the Australian Labor Party has been closely considering and we will have more to say. We will continue to observe the Royal Commission very closely. Very clearly the Royal Commission was necessary to get a lot of these issues onto the table, as the Australian Labor Party has been saying continually, for over two years.

JOURNALIST: (Inaudible) would you consider extending the time of the Royal Commission?

BOWEN: Weve made it very clear that while we respect the work of the Royal Commission, we have no issue with the Royal Commissioner, that there are some issues that need to be fully addressed (inaudible). That perhaps certain matters could do with more time before the Royal Commission. And we have said that if more time is needed then it should be on the table.

JOURNALIST: (Inaudible)

BOWEN: Well, of course, if the Royal Commissioner said that he didnt need any more time, any Government is going to take that on board, but likewise, if the Royal Commissioner, regardless of whether we are in office or not, thinks that an extension of time is necessary that he should be granted one.

JOURNALIST: What would a Labor Government do to fix the banking sector?

BOWEN: Well firstly, we were the ones that called for a Royal Commission, secondly, we were the ones that introduced the Future of Financial Advice reforms when we were in office. Opposed by the Liberal Party and the Liberal Party tried to repeal it, so the Liberal Party has no credibility on this issue. Again, were monitoring the Royal Commission proceedings very closely. We thought that banking and financial services misconduct needed a Royal Commission, we would have held a Royal Commission in office, and the Liberal Party was dragged kicking and screaming to the Royal Commission, they said that it was a populist whinge and now, when we see the recommendations they need to be implemented with alacrity, and I really do doubt that a Liberal Government will do that.

JOURNALIST: (Inaudible)

BOWEN: Well again, we are think there are issues that could do with a longer consideration. Ultimately that is a matter for the Royal Commissioner. I make very clear our respect for the Royal Commission process and the Royal Commissioner. Thats important to be said at every point. But we are concerned that some issues may not get the attention they deserve, given the Royal Commission is operating within a tight timeframe, a timeframe given to him by the Liberal and National Government. It would have been better to give it longer and were saying if longer is necessary, then that is what should be on the table.

JOURNALIST: How important is it that Peter Dutton be referred to the High Court?

BOWEN: It is very important that Peter Dutton be referred to the High Court and he should be referred by himself and by the Government. We have seen some further developments here, I see one of Australias most distinguished constitutional lawyers, Anne Twomey, suggesting today that the case for the reference to the High Court has increased, is stronger. I see Liberal and National MPs and Senators saying dont refer him to the High Court because we might lose the by-election. Well that indicates to me that he might lose in the High Court, and if he loses in the High Court its because hes not eligible to be a member of parliament. I dont think theyve seen the logical conclusion of their own statements there. They wont refer him to the High Court because they might lose the by-election must mean they think theres a problem with his eligibility.

Now the Labor Party is not asserting that hes eligible or hes ineligible, were just saying that he should be referred to the High Court to be resolved. Just as Malcolm Turnbull and Barnaby Joyce ultimately referred Barnaby Joyce to the High Court, they had some advice which said he was fine and while that advice turned out to be inaccurate, but I give them this, they took the decision to refer Barnaby Joyce to the High Court. Labor agreed to refer Katy Gallagher to the High Court as a test case for our other MPs. We did that. Clearly this issue is not going to go away. Mr Turnbull thinks Mr Dutton should be referred. Julie Bishop has said shes prepared to consider referring him. It makes sense. Its simply not good enough for Scott Morrison just to say no more lawyers picnics, thats a very convenient argument, a very convenient argument for him. He should have the courage that Malcolm Turnbull had. Malcolm Turnbull had the courage to refer Barnaby Joyce to the High Court and Scott Morrison should have the courage to refer to do the same with Peter Dutton.

JOURNALIST: Will Labor move again next week with a motion to refer Peter Dutton to the High Court?

BOWEN: We will keep our options open. We have already moved a referral of Peter Dutton and that was defeated by one vote and that one vote was Peter Duttons. He voted against referring himself to the High Court. That is not really a sustainable situation but its not my position to announce what the Labor Party will or wont do on the floor of the parliament. When or if we do, Tony Burke will make any relevant announcement.

JOURNALIST: Back to the Royal Commission, will you give more funding to ASIC?

BOWEN: We opposed the cuts the Liberal Party imposed upon ASIC. Theyve since put that money back and asked for a pat on the back for doing so, for putting back money they cut. Again, we continue to monitor developments at the Royal Commission closely and will at the appropriate time make any further announcements.

JOURNALIST: Mr Morrison has said he will attend Fatman Scoops conference in November, is that a good look?

BOWEN: I think that saga showed just how out of touch the Liberal Party is in thinking theyd be clever in posting that video. There are all sorts of problems with that video including the language in other parts of the song, but another problem was Scott Morrison thinking he was on fire in Question Time! I thought that was an issue enough, embarrassing enough that he was on fire, because he clearly wasnt. If Mr Morrison wants to attend that conference thats a matter for him.

JOURNALIST: (Inaudible)

BOWEN: Clearly the Liberal Party has a problem with women. Women in the Liberal Party say that there is a problem with women in the Liberal Party. A quarter of the women in the Parliamentary Liberal Party have raised the issue of bullying, one quarter of them! So clearly the Liberal Party doesnt get it and until the Liberal Party fixes this matter they wont be able to claim theyre a strong alternative for Australian women. Now we are very proud men and women in the Labor Party are very proud that 47 per cent of our members of parliament and senators are female, 47 per cent. We would like it to be 50 per cent and Im sure it will be 50 per cent in the not too distant future, but 47 per cent is a whole lot better than what the Liberal and National parties can provide. Every Australian deserves the right to be represented in parliament whether theyre men or women, Australians of different ethnic backgrounds. We need to ensure that our parliament represents our community and clearly the Liberal just doesnt get it. Just doesnt get it when it comes to the issue of women in politics, they just dont get it.

Okay, thanks.