Yesterday’s much-hyped [email protected] report might be this year’s banking royal commission for this government.
It's been two years and two months since Kenneth Hayne brought down his report into the shocking and endemic scandals rife in the banking sector. It provoked outrage and vows from the government to clean up the industry and change the culture of greed and downright criminality.
Treasurer Josh Frydenberg said the government would act on all of Hayne’s 76 recommendations, even though lobbying from mortgage brokers meant there was almost immediate backsliding. About a dozen "commitments" were acted on at the outset. And then… well, not much.