APRA ACCC Graeme Samuel
Former ACCC chairman Graeme Samuel (Image: AAP/JULIAN SMITH)

So the government has carefully dropped Graeme Samuel's review of the Australian Prudential Regulation Authority (APRA) to selected media ahead of its release, getting plenty of coverage while preventing the rest of us from actually reading the report, which is to be released today.

The coverage naturally emphasises APRA's extensive failures, especially in superannuation regulation, where it has virtually ignored the interests of members, and its overly collaborative approach to "regulating" the big banks. All fair enough. APRA and the government have agreed to all two dozen of the review's recommendations.