For years, Australians have been screaming for a royal commission into the banking and finance sector and now they have one they are welcoming it with open arms – and a healthy dose of scepticism and humour.

The royal commission is serious business, and the stories of those who have been blighted by poor banking practices, shonky financial advice and all-round rorting are not to be mocked.

However, Australians are known for dealing with these situations with gusto and a sense of humour, and in what may be part of a collective sigh of relief, these Twitter reactions to this morning’s announcement are priceless.

So @TurnbullMalcolm claims that not having a #BanksRC is in the interests of the economy. If he gave a crap about the economy, he would do something about #inequality and flatlining wages during increasing corporate profits. If people can't spend, the handbrake is on.#Auspol

— Bridget Clinch (@CaptainBridget) November 29, 2017

Today is a massive win for Chris Kenny, an advocate of kinda maybe having a Royal Commission into banks from way back on November 28th. pic.twitter.com/m34dOfCBA0

— Kenny Devine (@TheKennyDevine) November 29, 2017

Banks: We don't want a royal commission.
Government: Royal commissions are terrible. No royal commission.
Banks: Ok, now we want a royal commission.
Government: Royal commissions for everyone!!! YOU get a commission, YOU get a commission...#auspol pic.twitter.com/XtxUirb7VK

— Trent Pardey (@TrentPardey) November 29, 2017

The awkward moment when you are bashing bill shorten when implementing a labor policy. Again great backbone Malcolm #auspol #BanksRC

— AJEM (@paraboliclimit) November 29, 2017

Turnbull ????will release the Terms of Reference for Banking Royal Commission as soon as the bank bosses have finished drafting it????#auspol pic.twitter.com/TOg8K99vN2

— ian lisser (@ianlisser) November 30, 2017

I can sense the email deletions and document shreddings from here like disturbances in the force #auspol #BanksRC

— Morgan (@MorganBull) November 29, 2017

Well done @TurnbullMalcolm on the Royal Commission. True (and strong) Leadership again on show. Now all you've got to do is fix the terms of reference so it doesn't find anything. Genius!#auspol #BanksRC

— TonyB (@TonyB_Melb) November 29, 2017

#BREAKING The Prime Minister announces a royal commission into the financial services industry after leaders of the big four banks call for one to remove ‘political uncertainty’ #auspol @SkyNewsAust pic.twitter.com/Chuz6rGxkq

— Amy Greenbank (@Amy_Greenbank) November 29, 2017

Yesterday a banking royal commission was going to lead to instability in the Australian economy... Today a RC is required to provide that stability?? #auspol #royalcommission

— Julia Holman (@JulesHolman) November 29, 2017

TFW one has no choice but to backflip on a banking royal commission #auspol #BanksRC pic.twitter.com/yM8pvGTkz7

— Alicia Clancy (@clancyal) November 29, 2017

What was your reaction to the announcement of a banking royal commission? Why not share it and we’ll choose the best for publication?