So says The Guardian in an “exclusive”:
A heavy campaign of lobbying by Australia’s banks preceded the treasurer, Josh Frydenberg, telling financial regulators not to enforce responsible lending laws “too stringently”, Guardian Australia can reveal.
Regulators have been left with whiplash by a sudden change in the tone of government remarks over the past month, from a generally tough-on-banks stance following the Hayne royal commission to a new emphasis on the “personal responsibility” of borrowers.
The chief executive of the Australian Banking Association, Anna Bligh, said the peak body had lobbied widely on the issue.
“Of course I have spoken to government ministers, shadow ministers, other members of parliament and regulators about the application of responsible lending laws, a significant issue of critical importance to our economy being debated across the country, from the boardroom of the Reserve Bank to local backyard barbecues,” she said.
“Banks have been on the record for many months on this issue and made no secret of their desire to ensure the right balance is struck between lending responsibly and ensuring the free flow of credit which is of critical importance to the economy.”
The government has previously talked about the importance of keeping credit flowing, but its rhetoric has become increasingly sharp in recent weeks, with any criticism of banks now focusing on decisions that tend to curb borrowing and spending.
Is this news? Of course Evil Anna was hard at work corrupting the system. That’s what she’s paid $700k to do. Of course the Government listened. It’s only economic plan is to reboot the property bubble. We’ve been reporting on this for months.
That the seventh level of banking hell awaits Evil Anna’s accursed soul is not news.
