30 August 2017

Yesterday Scott Morrison was all over the APRA CBA inquiry like a rash, pretending he was behind it and claiming credit for it.

We even saw Mr Morrison meme his own comments Done. Swoosh. Just do it the Nike approach. Thats what we are doing with with banks.

The Treasurer wants us to believe that APRAs inquiry stemmed from the meeting the Treasurer had with CBA Chairperson Catherine Livingstone a few weeks ago.

But then the Revenue Minister was asked on ABC Radio Melbourne was asked this morning:

RAF EPSTEIN: Why is an inquiry into the culture of one bank a good thing, but an inquiry into the culture of four banks or more is a bad thing?

ODWYER: The first thing I would say is that the independent regulator has decided to initiate this inquiry into the CBA. This is not a decision of government.

Thats hardly the ownership of the process and inquiry that the Treasurer was claiming only yesterday.

This is the ridiculous situation the Turnbull Government has put itself into where it wants to be seen to be acting on the banks, even when actions are just more inquiries, but have to stop short of agreeing with Labors position of a Royal Commission into the financial sector.

Labor will of course examine the final Bank Executive Accountability Regime when its introduced into the Parliament, but it is worth noting what the Treasurer said about the regulation of executive remuneration not even a year ago.

MORRISON: In terms of those in senior corporate positions and what they are paid, they are matters for their boardsit is up to those companies to get the balance right, in terms of how they set those arrangements with their shareholders and their overall accountability to the Australian public for the social licence that they have to operate in Australia.


The fact is that the Turnbull Government has tied itself in so many knots over the banks that its now left having to hair split over support for an independent inquiry into one major bank but remain stoutly opposed to a Royal Commission into the banking sector.