Peter Martin, Crawford School of Public Policy, Australian National University
Former Reserve Bank and Treasury chiefs have gone on to run Westpac, the National Australia Bank, the ANZ, and Macquarie Bank. It makes regulating those banks hard.
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?
Commonwealth Bank chair Catherine Livingstone (left) and CEO Ian Narev.
AAP
The major banks have tried to downplay their role in manipulating the BBSW interest rate benchmark. But this is not the first instance of bad behaviour.
When did ASIC’s Greg Medcraft learn about the alleged money laundering at the Commonwealth Bank?
AAP
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
Banking inquiries in their current form serve as political theatre, rather than as a genuine form of accountability.
Lukas Coch/AAP
Members of House Standing Committee on Economics should be asking the directors of Australia’s Big Four banks (not the CEOs) different questions, if they really want the right answers.
Commonwealth Bank of Australia CEO Ian Narev attends the parliamentary inquiry into the banking system.
AAP Image/Lukas Coch
Business Briefing: fixing culture in banking and finance.
The Conversation19,7 Mo(download)
"Banking culture" has drawn a lot of scrutiny this year, after several high-profile scandals. But Professor Paul Kofman says there isn't much evidence for how to intervene if there's a problem.
ASIC has been highly critical of some of the practices of Australia’s big four banks.
Britta Campion/AAP
An ASIC report detailing how financial advice was paid for but not given by Australia’s big four banks exposes a culture problem that the government needs to deal with.
ASIC chairman Greg Medcraft could learn a thing or two from his US counterparts.
Mick Tsikas/AAP
ASIC has been too slow to prosecute those accused of rigging the bank bill swap rate so it doesn’t matter if the government makes the penalties harsher for those found guilty.
Commonwealth Bank chief Ian Narev was the first to appear before a parliamentary committee inquiring into the practices of the big four banks.
Lukas Coch/AAP
Australia’s big four banks are managing risk well, this could be contributing to their strong performance.
Malcolm Turnbull has downplayed calls for a royal commission into the banks, arguing that their operations are already well governed.
AAP/Richard Wainwright
The politics that Malcolm Turnbull and the big banks support is one in which people are robbed of their citizenship and reduced to economic functionaries.