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Kenneth Hayne's royal commission into the financial sector has named, shamed and excoriated banks, regulators, insurance companies and other financial services businesses to the extent that you would think they are now extremely vulnerable and universally unloved. That would be a mistake.
Experience suggests that royal commissions disclose only a fraction of unacceptable behaviour committed, and that the cultural attitudes that entrench it outlast the proposed reforms. The reasons for their comparative ineffectiveness can be illuminated by reflection on reforms of the 19th century.
The opening of the finance sector to scrutiny provides an opportunity to examine its position in the structure of the Australian political-economy, and, most importantly, to make the changes necessary to place it at the service of the people, rather than allowing it to continue to prey on us.
One of the issues raised at the royal commission into banks was the size of salaries and bonuses paid to senior staff. Subsequent discussion has tripped lightly around the issue. The larger question is whether it is in the best interests of financial institutions to offer to its senior officers huge salaries and bonuses.
One of the most basic distinctions in finance, with which any stockbroker or fund manager is familiar, is that between equity and debt. As the global economy teeters on the edge of a debt and banking crisis, with global debt more than 300 per cent of global GDP, the merits of equity is something that needs to be better understood.
At first glance, the move towards electing independent MPs seems to be a repudiation of attempts to mimic right-wing populism and a vote for small l liberalism. But it shares more with populism than many care to admit.
Now that the royal commission hearings have finished, people are asking whether things will change. There are grounds for both cautious hope and pessimism. Hope is based on the expectation that the exposure of greed, complacency and lassitude in institutions, boards and regulators will lead them to hunger for a better reputation.
The problem goes much deeper than a few crooked operatives and it will not be fixed by changing the corporate 'culture'. The fundamental evil is the arithmetic of compound interest. Interest on debt rises exponentially, while economic activity is linear. That means that sooner or later those in a weaker position are unable to pay.
The government and the opposition are prevaricating and effectively delaying the positive outcome that many in the Australian public are crying out for. The time is ripe for action, but decisive policy movement is still absent.
Frank Brennan's keynote address to the National Aboriginal and Torres Strait Islander Catholic Council Assembly entitled: 'Strong Faith. Strong Youth. Strong Future — Walking Together in a movement of the Australian people for a better future'. 1 October 2018, Technology Park — Bentley, Perth
It has been a decade since the banking aristocracy Lehman Brothers filed for bankruptcy in what would be the chant of doom that became the Global Financial Crisis. Today, the legacy of Lehman Brothers and the crisis it helped precipitate supply warnings of the next shock.
We see the occasional extreme Muslim cleric railing against the west. This week we witnessed a similar incident in Parliament, with a senator calling for a return to the White Australia policy and a ban on Muslim immigration. An insight of René Girard's assists in interpreting this incident and the resentment and fear which lies beneath it.
97-108 out of 200 results.