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Have you claimed your Kenneth Hayne mortgage discount yet?

3 0 1
22.03.2019

Ok, I’ll admit it: I miss the banking royal commission.

None of the tears and drama on the latest season of Married at First Sight can substitute for the suspense of watching senior counsel assisting Rowena Orr methodically, but forcefully, eviscerate the nation’s top finance executives in the witness stand.

Illustration: Matt DavidsonCredit:

As the dust settles on the sensational hearings, it’s interesting to ponder what the lasting legacy of the commission will be. Tougher watchdogs, better compensation for victims and more responsible lending all seem likely.

But it’s possible there will be another, more subtle, result of the royal commission and the way it brought to a very public light the often greedy behaviour of our financial institutions.

If Australians can learn one thing from commissioner Kenneth Hayne's findings, it’s that the people we have commonly trusted to look after our financial futures have, all too often, been either asleep at the wheel or actively working against us.

A small degree of paranoia does not appear misplaced when it comes to dealing with our largest financial institutions. Like all other products, the motto "buyer beware" remains true.

Indeed, despite the scrutiny of the commission, most major banks merrily raised their standard variable rates by between 10 and 15 basis points in the second half of 2018 (NAB held out, but followed suit in late January).

Banks cited higher funding costs for the move.

A new........

© The Age