In taking a purely economic approach to banking competition, the Productivity Commission failed to recognise the politics of big companies.
ASIC's plan to send agents into banks to detect wrongdoing misses the point that ASIC rarely prosecutes anyone.
We've been too hands-off on competition in Australia and the result if major industries dominated by oligopolies.
The biggest rip-off in financial services is the huge fees charged by retail superannuation funds, which flow to the big banks and AMP for delivering poorer performance.
The chairman of the corporate regulator says it "stands ready" to do its job but would prefer banks to self-regulate. We've been there, done that, and it failed horribly.
Even an aggressive commissioner who manages to work around the commission's impotent framing probably won't reveal anything we don't already know.
With calls for a royal commission into banks gaining volume, what questions should we be asking?
Given the odds of a successful parliamentary move to initiate an inquiry into the banks, the government should seize control of the issue and establish its own -- negative headlines be damned.