Have to admit, the banks have politicked this very skillfully and effectively.
The libs will set royal commission terms of reference that prevent the commissioner looking into anything actually meaningful, but will allow them to say there was a royal commission. They’ll set a reporting date before the next election so if the ALP win govt the commission will already be over and the terms of reference can’t be extended. If the ALP want to actually investigate the banks seriously they’ll have to start up ANOTHER royal commission, which will be easily portrayed as witchhunt.
Yeah, the banks have done this very well. Watching them work, it’s kinda like watching some Pie rip us up on Anzac day. ■■■■ people being very effective and successful in a cause that’s ■■■■.
The only way it could possibly come undone is if there’s a big scandal in the interim which is NOT covered by the terms of reference. But I suspect that won’t happen, cos stuff like vertical integration, political donations, and ‘too big to fail’ (which are the big turds in the middle of the room that the commission is being firmly instructed to avoid looking at) are long-term and systematic issues that result in the slow erosion of competition and democracy, rather than problems that lead to big flashy headlines like ‘pensioner X loses life savings cos of dodgy banker,’
Disclaimer: I am contracting to a bank currently, so i hope none of them read this…
Banks say no Royal Com, … Boneless says no RC,… Banks write a letter to the spine;ess one saying Ok, have RC we’ll set the terms, … Boneless says we’ll have an RC,… on these terms to cover up the worst of the Banks bastardry.
You know who runs the country when the Libs are in power now, … if you didn’t already.
I live in hope that it might all go wrong like the Costigan Royal Commission into the Painters and Dockers which brought down the bottom of the Harbour tax evasion schemes( which the ATO was prevented from pursuing).
Whatever the terms of reference and conclusions, this one will have strong social justice elements.
And I hope it exposes the CBA super fund scheme with the CBA lining up with certain employers as the default fund and which effectively pushes those in the scheme to be insured through CommInsure, which is a joke for those trying to claim through it.
The journos are already on to the Bank super fees.
Does the rc have to be approved by majority in both houses? Hope it’s blocked until the terms of reference are reasonable. I’m tired of hearing the “increased funding cost” excuse for loan interest rate increases.
Royal Commissions , including their TOR /appointments are the prerogative of the Executive ; Parliament has no vote. Turnbull would have seen it as a better option than a Parliamentary Inquiry.
Not too impressed that they’re trying to add super into the banking enquiry, as if the banks provide a quality of product remotely near as good as industry super.
LABOR leader Bill Shorten visited Chinese businessman Huang Xiangmo at his Sydney mansion, reportedly months after the party received a warning from ASIO.
Fairfax Media reports Mr Shorten and his family visited Mr Huang’s home in March 2016 to solicit funds for the Labor Party’s federal election campaign ads.
This was after security agencies briefed ALP national secretary George Wright in October 2015 on Mr Huang’s ties to the Chinese Communist Party.
Don’t all successful Chinese business people have links to the Chinese Communist Party? This is a fraud. Both governments will sell or lease Australian assets to Chinese government linked entities yet Australian politicians can’t talk to them? Get f*cked.
This is our Russia. The level of influence the Chinese are trying to exert on Aus is pretty high. Most Uni’s are struggling to stop them and the amount of Chinese hacking is large.
People connected to Huang out there campaigning for Alexander in Bennelong. Huang has contributed to Liberals as well as Labor. Has he never met with Liberals, gloriously or otherwise?
Meanwhile, The Daily Telegraph reports Mr Huang’s former adviser, Tim Xu, has joined the Liberal campaign for John Alexander in the Bennelong by-election.
Now it’s clear why Mr Huang’s private meetings with ALP figures are being exposed. Might be more mud to come this week. Big Asian vote in Bennelong.
Party leaders should stay far away from fundraising (unless it’s coming from their own pockets).
There must be a few people ■■■■■■■■ themselves over the possibility of an ALP win.
Union types aren’t exactly the forgive and forget sort, in my experience.
Someone will have a very long list.