“To whom should boards be accountable?” as he would later distil it, posing the question to senior counsel assisting the royal commission, Rowena Orr, during what would prove a disastrous turn in the witness box.
“Well, it’s a question for you, Dr Henry as the chair of NAB’s board,” an...
A reverse death tax that helps the rich
The dividend imputation system is a rort Australia can’t afford, write Emma Dawson and Tim Lyons.
Australia’s dividend imputation system was introduced by Paul Keating in 1987. Its purpose was to eliminate double taxation on dividends from company profits. Under Keating’s original system,...
At a time when the number of people studying economics is at a record low, the number of politicians citing economics 101 seems to be at a record high. Take our current prime minister, Scott Morrison. When asked to provide evidence that closing tax loopholes and collecting more revenue...
Doubts have been raised whether the nation’s two peak financial regulators will be able to sharply lift their efforts after the banking royal commission recommended they take more strong-arm action while facing extra oversight from an independent authority.
Both the Australian Prudential Regulation Authority and the Australian Securities and Investments...
Hayne’s failure to tackle bank structure means that in a decade or so another treasurer will have to call another royal commission
Andrew Linden, RMIT University and Warren Staples, RMIT University
Every 10 to 15 years it’s the same.
Ever since financial deregulation in the 1980s we’ve had a finance industry scandal...
Compensation scheme to follow Hayne’s indictment of financial sector
Michelle Grattan, University of Canberra
The Morrison government has promised to establish a compensation scheme of last resort - paid for by the financial services industry - as it seeks to avoid the outcome of the banking royal commission becoming a damaging...
Banking Royal Commission: no commissions, no exemptions, no fees without permission. Hayne gets the government to do a U-turn
Peter Martin, The Conversation
Treasurer Josh Frydenberg was glossing over history when he said the final report of the banking royal commission “endorsed many of the themes and individual reforms the...
The government hopes to neutralise the shocking royal commission evidence by accepting everything Kenneth Hayne recommended
In political terms, it’s blindingly obvious why. A federal election is in sight. The Coalition is vulnerable on this issue, having spent years obstructing a deeply necessary inquiry that unearthed a trove of malfeasance...
Kenneth Hayne’s report into the banking and financial services industry makes 24 referrals to the regulators Asic and Apra to take action over misconduct.
It also made 76 recommendations for how the problems can be fixed and contained scathing criticism of executives:
Banks may face criminal charges after final royal...
The evidence to emerge from the royal commission's grilling of the heads of Australia's biggest banks revealed a failed culture that paid staff highly and an underfunded regulator that failed to to hold them to account 'It's not even scratched the surface'