PM labels bank inquiry crass populism

Malcolm Turnbull has branded his opponent a "latter-day Jack Lang" and a crass populist over Labor's pursuit of a banking royal commission.

The prime minister told parliament Opposition Leader Bill Shorten could have done something about dodgy banking practices when he was financial services minister but didn't.

"When I have asked for suggestions and measures that would improve the situation does he have any ideas? Nothing. Just a royal commission. They should build a statue of him outside the barristers' chambers," Mr Turnbull said, after telling parliament the only people a commission would enrich were lawyers.