The Labor Party can no longer defer to the Hayne royal commission on whether to separate the banks. Even Paul Keating, who started bank deregulation, has called Hayne’s final report a failure on structural separation.
The 18-page bill to separate the banks that Pauline Hanson will introduce into the Senate next week will do more to fix up the banking system than anything in Kenneth Hayne’s 1,133-page final report.
The government should direct the Auditor-General to conduct an independent audit of Australia’s Big Four banks, in light of the collapsing property bubble to which the major banks are massively exposed.
For 18 years Denise has fought, on a shoe-string budget, to save victims of mortgage fraud from losing their homes, and expose the inner working of the machinery—the so-called “black box”—that has enabled the banks to commit this fraud on a massiv
Australia’s best-known finance commentator Alan Kohler was compelled to recognise the importance of the banking separation issue, by the sheer numbers of public submissions to the banking royal commission calling for Glass-Steagall.
