RBA and Treasury greenlight predatory lending

Via the AFR:

The Australian Securities and Investments Commission has decided not to appeal to the High Court its case against Westpac for alleged responsible lending failures, after the heads of the Reserve Bank of Australia and Treasury both privately warned it would exacerbate economic uncertainty caused by COVID-19.

Sources told The Australian Financial Review ASIC’s leadership group met for several hours last Friday and on Monday, with an overwhelming majority of ASIC commissioners voting against appealing the so-called “shiraz and wagyu” case it has lost twice in the Federal Court.

There are 644 words left in this subscriber-only article.

Start your free 14-day trial today!

Comments are hidden for Membership Subscribers only.