There are things we can do, but the Economic Society’s poll finds that not all of them are part of the traditional economists’ toolkit.
Complaints that Hayne didn’t recommend big changes miss the point.
We get defensive when the social order we have become accustomed to is challenged. We attempt to protect ourselves through projection, denial, games, blame, or rationalisation.
American fantasy-comedy The Good Place has covered some surprisingly similar ground to Australia’s banking royal commission.
It’s far away from the cities and towns where banks and finance companies are really predatory, but it’s not where Hayne looked.
Bank shares soared 4% to 7% after the royal commission report. That could be because it will do them little harm.
In a letter to Morrison, Shorten said both houses should be recalled on March 5-7 and March 12-14. The sitting calendar has only 10 sitting days before the election.
While many Hayne’s recommendations are laudable and abolutely necessary, they are not sufficent to end of the regular cycle of appalling misconduct and inquiries.
Tying incentives to contribute to profits can give bad results, but we need to tie them to something.
Justice Hayne’s philosophy is diametrically opposed to the one the Coalition came into office with, yet it has embraced it and announced action.
The Morrison government has promised to establish a compensation scheme paid for by the financial services industry as it seeks to avoid damage from the banking royal commission.
Rebuilding trust is possible, but as the aftermath of the banking crisis in the UK shows, very difficult.
Evidence before the royal commission suggests Australian bank boards have been overpaid, underskilled and understaffed compared with those overseas.
The royal commission didn’t examine economic abuse. If it had it would have found there’s much banks can do.
A mismatch between Australian and New Zealand regulations means Australian taxpayers could be on the hook if a New Zealand bank fails.
The Conversation played host to really important new ideas in 2018. Some will take years to develop. Others will never come to fruition. But they’re important.
With public hearings finished, insiders are making a last-ditch bid to either soften or sidetrack the final report of the banking royal commission.
Proceedings at the banking royal commission suggest if it isn’t in the minutes of a board meeting, the board didn’t consider it. It makes the role of the company secretary critical.
There are practical steps we can take right now to fix the banks. History suggests they’ll never do it left to themselves.
The first bank to embrace radical honesty would do well out of the royal commission and leave its rivals in the dust. But it would be hard.