Ken O'Dowd "open to investigation" into the banks

THE federal member for Flynn Ken O'Dowd said he was open to an investigation into the banking and finance sector and suggested Prime Minister Malcolm Turnbull should have a "very good look" at it too.

Although Mr O'Dowd did not throw his full weight behind Labor's proposal to convene a lengthy and costly royal commission, he did feel the banks needed to be taken on in certain areas.

"I think [Malcolm Turnbull] should have a very good look at [the banking sector] to see whether there is a need for a…royal commission or a sharpening of APRA's powers," Mr O'Dowd said.

"I'm open to further investigation but whether it should be a royal commission or an ICAC type enquiry…I need more evidence."

"I'm a bit doubtful about a royal commission because they seem to go on and are very costly and don't get any real results," Mr O'Dowd said.

Mr O'Dowd was not alone in his openness to an investigation into the banking sector and was joined by National MPs Luke Hartsuyker and George Christensen.

In what has been a tough couple of months for Mr Turnbull, this division may cause further headaches for the government as it has come out strongly against Labor's proposal to investigate the banks.

Mr O'Dowd said he would warn any customer to be careful when dealing with banks.

"The banks operate off your money and the least amount of interest they can get away with," he said.

"I've had complaints against the banks made by my constituents and there are faults on both sides but in some cases it's a blatant abuse of power by the banks."

Labor candidate for Flynn Zac Beers said a royal commission, which is forecasted to cost $53 million over two years, was necessary to get to the root of corruption in the banking sector.

"Although it's expensive and lengthy…I've had the view that if you're going to put a stop to it then you need to do it properly," Mr Beers said.

"Almost everyone is affected by what goes on in the banking sector.

"And we need to be sure it has integrity and have the confidence that we're not being stitched up," Mr Beers said.

But, as Mr O'Dowd said referring to Mr Turnbull, "If anyone should know about the banking industry it'd be him". 


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