Australian banks Australian interest rates

As APRA sinks, Byres gets five more years

Monday, 5 November 2018

And here it is, Australia’s financial deep state in action. The Australian Prudential Regulatory Authority (APRA) has just allowed the greatest banking and housing bubble blow-off in the nation’s history, revealed in all of its hideous glory as deeply criminal banking, explicitly sheeted home to APRA failure by the Hayne Commission:

“When misconduct was revealed, it either went unpunished or the consequences did not meet the seriousness of what had been done.”

And what is the outcome for the regulator? This:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.