Amid the misconduct revealed at the Banking Royal Commission, ACCC Chairman Rod Sims is pushing to allow phone tapping and electronic surveillance.

There have been reports the big banks did not fear ASIC enough to keep conduct in line, but increased monitoring could change behaviour.

Mr Sims tell Ross Greenwood the “penalties are crucial” but the government must allow evidence from electronic surveillance to be admissible in court.

“We think having the ability to do phone taps is absolutely essential, if you’re to, particularly,  stop cartel activity.

“We’ll certainly be making contact with the government Ross to see whether those investigation tools can be made available.”

Listen to the full interview below