Turnbull Scomo wage stagnation

The Prime Minister having finally conceded the inevitable, 99% of the excitement about the banking royal commission is now over. Makes you wonder why he spent so much political capital on a cause that was not just a no-win for his government, but also easy in the end to stage-manage into disinterest.

The terms of reference for the commission have been carefully designed to maximise the unlikelihood of anything terribly interesting happening during or coming out of the process. They have been drawn extremely widely in terms of targets, encompassing not just the banks but the entire banking, superannuation and financial services sector including all insurance companies and Australian Financial Services Licence holders (of whom there are probably thousands).

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