The conflicted Murray Inquiry is making a mockery of the the Coalition’s claim to better budget and economic management. Here we have one of the bankers principally responsible for the run-up in foreign borrowing in the big four banks that led to their GFC insolvency and off-balance sheet nationalisation running the inquiry into the run-up in foreign borrowing in the big four that led to their GFC insolvency and off-balance sheet nationalisation. It is surely a watershed moment in the fast history of Australian plutocracy.
And what has Mr Murray concluded about these issues?
“Ongoing access to foreign funding has enabled Australia to sustain higher growth than otherwise would have been the case. The risks associated with Australia’s use of foreign funding can be mitigated by having a prudent supervisory and regulatory regime and sound public sector finances.”
