Unaffordable home loans, poor financial advice and unmanageable consumer credit may have serious consequences for many Australians, beyond bankruptcy and debt. Here’s what the research says.
In light of what is coming out the government should be ashamed of its past performance.
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The Australian Banking Association says ‘nearly 80% of bank profits go straight back to shareholders’, the majority of whom are ‘everyday Australians’. Is that right?
Seldom is a government’s impotence and frustration as much on display as it was when Malcolm Turnbull finally capitulated and announced he would set up a banking royal commission.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
Malcolm Turnbull said the government had been concentrating on real reforms.
Danny Casey/AAP
Malcolm Turnbull and Scott Morrison appear to have become hostages to rebel Nationals determined at all costs to secure a commission of inquiry into the banks.
Christopher Pyne announces that the government will cancel next week’s House of Representatives sitting.
Morgan Sette/AAP
Beyond her political savvy, Anna Bligh’s appointment as CEO of the Australian Banking Association brings greater access than a Liberal appointee would.
US bank Wells Fargo was hit with a record fine after sales-driven staff opened thousands of accounts customers never asked for.
Rick Wilking/Reuters
Executive Director @ Australian Institute of Performance Sciences, Strategic Partner @ Swinburne University MedTechVic, and Visiting Fellow at the Institute of Public Policy and Governance at, University of Technology Sydney