Here’s what passes for reform in Australia today:
The small business ombudsman has called on the corporate regulator to again review the Banking Code of Practice, suggesting its mid-year approval of the revised code was premature and that banks still have too much power over small business borrowers.
…The revised code “falls short of addressing the imbalance of power held by the banks,” said the submission by Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell.
The ombudsman wants the code “administered and enforced by an independent monitoring body, the BCCC” [Banking Code Compliance Committee], but argues the current and revised BCCC “is far from independent”.
So, a toothless ombudsman wants to pass a vacuous code of conduct promoted by a captured former premier to be governed by a committee of corrupt bankers but another captured former premier (or chief minister) is lobbying to push said corrupt document to a laughing stock regulator while the three other major regulators all work corruptly behind the scenes to prevent any reform at all.
Welcome to Australia’s banking Game of Mates.
