BANKING ROYAL COMMISSION A step too small?*

Many had been hoping for substantial changes to the financial system after the extensive misconduct so publicly revealed in the last year. Instead, in the Final Report of the Financial Services Royal Commission, we have a string of modest recommendations, largely dealing with technicalities or chosen specifics. This is most surprising, since the Australian financial system has incubated an extreme and historically unprecedented level of debts, too often without establishing serviceability…

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