Politics

Dec 7, 2017

If I were the banks, I wouldn’t be losing sleep over the royal commission

Even an aggressive commissioner who manages to work around the commission's impotent framing probably won't reveal anything we don't already know.

Michael Bradley — Managing partner at Marque Lawyers

Michael Bradley

Managing partner at Marque Lawyers

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).

Free Trial

You've hit members-only content.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions

4 comments

Leave a comment

4 thoughts on “If I were the banks, I wouldn’t be losing sleep over the royal commission

  1. klewso

    It smacks of Howard’s corseted “republican referendum”? “Stitch it up to get the result you want”.
    A Clayton’s Inquiry with the consolation (for the banks deigning) prize :- the key to the industry super hen house?

  2. zut alors

    The Opposition should’ve ceased braying for a Royal Commission into banking & left it as a popular electioneering promise (which Turnbull/whoever would never have matched).

    By pushing the matter we now have Turnbull & Co setting the terms of reference, the very situation which should’ve been avoided.

  3. [email protected]

    It is likely the RC will still be going when there is a Labor government. If so, all bets are off.

  4. AR

    Agree that this will be a waste of time & money but, as Zut pointed out, also a massive political failure by gumBoil Shlernt – he could have been formulating an election winning strategy using the banks.
    Many people would be dumb & deluded enough to believe that he would actually do something worthwhile, should he be able to maintain his body temperature and not fall out of his chair before the election delivers him with his Right faction baggage on the doorsteps of the Lodge.

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details

Sending...