Back in April, Treasurer Josh Frydenberg neutered ASIC by appointing former banking lawyer Joseph Longo as chairman of ASIC and directing him to support the economic recovery from the pandemic rather than enforcing financial system conduct:
…the “wagyu and shiraz” responsible lending case against Westpac… became a particular point of friction between Frydenberg and [former ASIC chairman James] Shipton, along with perceived instances where he believed the regulator was standing in the way of Treasury’s attempts to drive the economic recovery out of the COVID-19 recession…
Frydenberg made it clear the direction of ASIC would be changing dramatically from the tougher stance foisted on it by the Hayne royal commission just three short years ago.