Federal Government does u-turn on banking royal commission

Australian Prime Minister Malcolm Turnbull and Australian Treasurer Scott Morrison speak during a press conference at Parliament House in Canberra.

Australian Prime Minister Malcolm Turnbull and Australian Treasurer Scott Morrison speak during a press conference at Parliament House in Canberra. Source: AAP

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A royal commission will be held into Australia's financial sector after the big four banks finally conceded it was in the nation's interest.

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