The banking royal commission exposed the predatory machinations rife among Australia's largest financial institutions.
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It told of a long trail of broken lives - including the trauma experienced by former Westbury farmer Michael Hirst - and the recommendations made by commissioner Kenneth Hayne in his final report in February last year were sweeping and necessary.
Should they have all been implemented by the start of 2020? There appeared to be a serious lag in the six months after the report was released, before the government brought in its own accelerated timetable in response to criticism. A government serious about banking reform and protecting consumers would surely have paid close attention to the royal commission and had a suite of legislation ready to implement when the report was handed down.
That six month delay meant very few of the recommendations and commitments were actioned upon before February, when coronavirus slammed the brakes on the economy and made reform impossible. The government had no way of knowing what was ahead, but given the volatility of the global economy, timely reform should have been a priority before then.
Due to the pandemic, laws requiring mortgage brokers to act in the best interest of clients have now been pushed from July, 2020 to January, 2021. Laws requiring financial product manufacturers to consider whether individual consumers are appropriate for their products have been delayed until October next year. Few would argue against the delay given the circumstances, but it brings into focus how much work still needs to be done. Was it a cynical move to announce the delays immediately after Friday's roadmap out of restrictions announcement, when the public's attention was clearly elsewhere? That's politics.
Since the start of the pandemic, banks have deferred $200 billion in loan repayments for 643,000 loans, which ended a potential dispute between homeowners and renters, among other timely changes. Is it an indication that banking culture has changed and they are willing to work in society's best interests? Only time will tell.