APRA has done its work in a timely and diligent manner considering the complications of global regulatory systems and comparisons of capital structures. While this has been happening and other recommendations of the FSI are being implemented, there have been important new developments.
After being suspicious of David Murray when he first emerged as the spearhead of reform for Australia’s banking architecture, we were pleasantly surprised to find he showed great sense and integrity in his inquiry. But, since the announcement of the bank levy, he’s gotten very conflicted and confused, suddenly repudiating positions he held in his own inquiry and generally losing his cool and public interest compass.
That comes to a head today in an op-ed he has penned for the AFR:
