Royal commission follows pressure from National party MPs and joint letter from the banks. Meanwhile, Labor senator Sam Dastyari has been forced to stand down from Labor front bench. Follow all the day’s news here

Mike Bowers was in the Senate as Dastyari made his statement.

Senator Sam Dastyari breaks down when talking about his family as he makes a brief statement this morning about his resignation from the senate labor leadership @AmyRemeikis @GuardianAus @murpharoo #politicslive https://t.co/geZ9MUWVXM #auspol pic.twitter.com/jSzXk8FCEk

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George Brandis has taken the Senate floor, calling on Sam Dastyari, who he says he likes personally, to resign from parliament.

In this Senate, over recent months, we have seen one senator after another forced to resign from the Senate because of section 44 of the constitution, in circumstances which have reflected no discredit on any single one of them, because for a technical reason, unbeknownst to them, they were deemed to owe allegiance or acknowledgement to a foreign sovereign.

And meanwhile, sitting in the Senate in a senior position in the Labor party, there sat Senator Dastyari, who evidently, evidently, by his conduct, was actually under a foreign influence. Actually under a foreign influence, but he kept quiet, he stayed mum, he maintained his position, until his position was exposed by the media in the last 24 hours or so and now he has been forced to resign. Again.

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