Well moondoong, going along with your line of logic, when Labor were in government, they made many changes to the banking system. Did Labor set the system up to be rorted like this?
BTW, the head of the banking association, you know the one who represents the banking and financial sector, is an ex Labor QLD premier. She also stuffed up QLD so bad that it lead to the LNP being elected with a 80% majority. Hmmmmmm.
A big question that has to be answered is what was APRA and ASIC doing? How did they miss this for sooooo loooong, as you put?
I believe the seeds to this problem were sown when W Swan introduced government support to the banks when the GFC hit. Overseas banks pretty much left the scene due to the distortion within the banking sector. I feel we need more overseas banks competing on level terms with Australian banks.
Hat's off to the current government for doing this. Let's hope that there will be a clean out of the sector and more scrutiny in the future.
