Oh Malcolm, are you for real, from Domainfax:
The federal government will establish a new low-cost tribunal for victims of poor practices by Australia’s biggest banks, in Prime Minister Malcolm Turnbull’s sixth attempt to stave off Labor’s calls for a royal commission.
After the heads of Australia’s big four banks faced three days of hearings before a committee in Canberra this week, Mr Turnbull said the government was taking action on the tribunal plan, first proposed by a group of Coalition backbenchers amid Labor’s popular push for a powerful and potentially damaging royal commission.
“It’s a proposal that we are working towards,” Mr Turnbull told 5AA radio on Friday.
“We have Professor Ian Ramsay conducting a review of a number of bodies, ombudsmen-type, tribunal-type bodies that deal with claims in the financial services sector, with banking, with insurance, with superannuation.
“What we are working towards is having a one tribunal that deals with consumer claims in the most cost-effective and speedy way to get these matters resolved.
So, we now have:
- a New York court investigating BBSW rorting;
- same at ASIC;
- Parlimentary hearing into banking whatever;
- Ombudsman Small Business Loans Inquiry;
- an industry inquiry into banking remuneration;
- and now this absurd tribunal.
We also have the real estate treasurer subverting the rule of the law by convicting banks in advance of any day in court (even though they’re innocent according to the same government) and ASIC powers beefed up seemingly daily even though it was the very regulator that failed to prevent any of the malfeasance in the first place (and even though they’re innocent according to the same government).
For that matter, we don’t even know what that malfeasance is yet, nor has the landscape of values, social contracts, financial architecture, profitability, behavioural drivers, culture, rules nor reform ( I could go on) been mapped out by a singular and co-ordinated inquiry.
I have just one question. How on earth did Malcolm Turnbull get so rich if he is so fantastically inept?
I guess he knew the right people at the bank, and still does.
