Labor is calling on Malcolm Turnbull to commit to an important new year’s resolution and establish a Royal Commission into the banking and financial services sector.

Australians want to see leadership from their Prime Minister which has been severely lacking since Malcolm Turnbull took office over a year ago.

Establishing a Royal Commission is the best way for the Prime Minister to show he is on the side of Australians instead of his mates at the big end of town.

Those who have been ripped off by their bank or left with nothing as a result of bad financial advice have continued to see their interests ignored by a weak Prime Minister who is more interested in protecting the banks than the interests of everyday Australians.

Even Malcolm Turnbull’s own backbench knows that a Royal Commission is the right course of action to shine a light on the wrongdoing in the financial services sector.

Malcolm Turnbull has tried every option under the sun to avoid a Royal Commission but none of them will provide a systematic look into what structural and cultural changes need to occur in the banking and financial services sector to prevent further rip offs in the future.

Labor will continue to fight for a Royal Commission throughout 2017 and will be leading a Senate Inquiry into consumer rip offs which will begin hearings in March 2017.

If Malcolm Turnbull won’t stand up for Australians then Labor will because we will always put people first.

Senator Katy Gallagher is Labor's Shadow Minister for Small Business and Financial Services