27 Nov 2017

Banks Royal Commission:- What exactly is there to hide?


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 Excerpt from an article by Ian Verrender
What exactly is there to hide?

Quite a lot it would seem, judging by recent events.

The calls for a full inquiry have been relentless for years, emanating from a broad section of the community — from farmers, small business and households, jaded and disillusioned with the industry's rampant profiteering, fee gouging and blatant disregard for the law.

How many times can a Commonwealth Bank chairman sincerely apologise for a yet another breach of trust? What, pray tell, will be the cause of next year's?

But the overwhelming reason for an inquiry rests on just one principle — accountability.

What has been forgotten in the endless round of scandals in recent years is that the Australian banking sector is a taxpayer subsidised industry.

It's an industry that pays ridiculously bloated salaries to its leaders; that showers itself with massive bonus payments when profits are soaring but instantly demands taxpayer protection and support when the tide turns.

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