Is Greed Ever Good?: Royal Commission’s Impact on
Agriculture Loans in Australia
Volume 6 - Issue 2
Michael A Adams*
Received: April 24, 2019; Published:April 29, 2019
DOI: 10.32474/CIACR.2019.06.000243
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Opinion
In 2013, the media broke a scandal about the Commonwealth
Bank of Australia (CBA) financial planning arm having corrupt
practices. This led to a Senate Inquiry and by July 2014 there were
loud calls for a royal commission. The next few years saw the
momentum peak with CBA again being caught by AUSTRAC (the
agency for anti-money laundering and terrorism financing) with
54,000 breaches of the law by way of their intelligent ATM network.
Former High Court Justice, Kenneth Hayne, was appointed by
the Governor General to conduct the Royal Commission in the
Misconduct of Banking, Superannuation and Financial Services
Industry, through 2018 and report by 1st February 2019. Public
interest in the Banking Royal Commission (BRC) has been
extraordinary, with over 10,000 public submissions, 30 background
academic papers on the various issues, 20,000 exhibits at public
hearings and over 4.5 million page views of the BRC website. The
four major banks plus Macquarie Bank, make up half of the top ten
ASX listed companies, with a combined market capital of over $400
billion. Most superannuation funds are invested in the top 50 ASX
companies and the majority of home mortgages and business loans
are via the four main banks.
Opinion|
What Does This Mean in Practice?|