Day 404: 'Right to remain'
Counting the days since the banking royal commission was established.
Good afternoon, and welcome to day 404.
Today in summary: PM Scott Morrison was reportedly the last hurdle standing in the way of the banking royal commission; Chris Bowen is champing at the bit to see the royal commission’s findings and says the ALP will implement every last recommendation should it win power; and Treasurer Josh Frydenberg thinks the Productivity Commission might just be on to something in its recommendation to put tougher tests on super companies.
-- Alex
Current banker panic level: 😕 🙃
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1. Prime Minister Scott Morrison was the last person in the Coalition who stood firmly opposed to a banking royal commission, according to reports in The New Daily. “Insiders in the inner sanctum of Malcolm Turnbull’s economic team” have spilled the beans on private talks inside the party. None of the Liberals were particularly keen on the idea, together voting against establishing the royal commission 26 times.
“I can guarantee you that Scott Morrison was the last holdout,” — a government source reportedly revealed.
2. Shadow treasurer Chris Bowen has pledged that a Labor government will seek to implement all the recommendations of the Hayne royal commission, saying both sides of politics will need a "very, very, very good reason" not to adopt any finding.
"Your default position should be if the royal commission recommends it, it shall be done."
3. Treasurer Josh Frydenberg says the government is considering backing Productivity Commission recommendations to put super funds through their paces and prove their “right to remain” in the A$2.7 trillion super system.
Today’s burn prize: Shadow assistant treasurer Andrew Leigh MP
🔥🔥🔥
“I'm not comfortable with that sort of behaviour and I think that's the banks overstepping their mark.”
Leigh was responding on radio station 5AA in Adelaide to reports that banks are calling up customers to ask about personal expenditure such as takeaway food, alcohol and baby products as part of new credit monitoring efforts.
The Commentariat
Yale University economics Professor Robert Shiller mourns the loss of investment great Jack Bogle — who founded investment company Vanguard Group — praising the “unusually morally directed man” for his commitment to the business of investing.
“Bogle is still a hero of mine, because he provided an honest product and was motivated by a sincere desire to help people. And he should be a hero to all, because he showed that markets eventually recognise integrity.’’
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