It took years for this government to agree to have a Royal Commission into Banking and when the did it dampened the terms of investigation and we should ask why.
It’s now revealing millions of Australians have been ripped off by shonky operators, subcontracted or directly employed by corporate giants.
The untold damage they have inflicted on average people who went to professionals who knew that they could not maintain the debt yet applications submitted inflated figures to get bonuses, spotter fees, or in some cases shares in the interest attached to the loans.
To me that’s fraud. If I sold you a car that knew would break down without a guarantee then fine you for not making repayments I would be jailed yet these corporates have been doing this and would have happily continued regardless.
Whatever happened to The good Corporate Citizen and good corporate governance?
It’s shareholder profit that counts and ethics and integrity sent the back of the field and these are the organisations this government are sworn to support by giving them tax cuts.
This government were given the heads up hence the Terms of Reference restricted.