banking royal commission catherine livingstone
Commonwealth Bank of Australia chair Catherine Livingstone. (Image: AAP/Lukas Coch)

Exactly what planet the senior staff of the Financial Review reside on isn't clear, but it sure as hell isn't one in this solar system. Today, Michael Stutchbury's eccentric campaign for punitive interest rate rises had another outing, based on one minor, out-of-context comment by a Canadian banker. But for the true off-world expedition, you had to read Tony Boyd's bizarre column on the threat the banking royal commission posed to board governance.

Boyd was one of the media's pre-eminent royal commission denialists. "The last thing Australia needs is a royal commission into our world class banking system," he thundered in 2016. Now he's convinced that the whole show will lead to "the dead hand of bureaucracy [impeding] sensible strategic decision making by companies" based on questions asked by counsel assisting Rowena Orr of CBA chair Catherine Livingstone yesterday.