This week, the Commonwealth Bank announced a record $9 billion annual profit and a return on equity of 18.2 per cent. The other three big banks are not far behind those stellar profits.

The banking industry, like no other industry in Australia, enjoys munificent government support. For example, the government gives the four major banks a $4 billion taxpayer leg up every year just to calm their nerves in the event that there might be a global financial crisis around the corner.

But, we continue to read reports of interest rate manipulations, rampant fee gouging, falsification of loan documents and other corrupt practices in the banking sector, many instances of which have ruined the lives of tens of thousands of Australians.

The member for Cowper, Luke Hartsuyker, has previously stated that he supports a royal commission into the conduct of the banks. Now the election dust has settled, it’s time for Mr Hartsuyker and his like-minded colleagues to put some pressure on the Prime Minister to call that royal commission.

Patrick Lee, Port Macquarie