Contributed by Ugly
reappointment of the head of the body that has been supposed to regulate the behaviour of the banks is an insult to the suffering Australian community. His position should be terminated when the contract period comes to an end in July next year.
The recently concluded inquiry into the banks has revealed, the Australian Prudential Regulation Authority (APRA) has been missing in action.
As its head since 2014, Wayne Byres bears considerable responsibility for what has occurred.The buck should stop at the top. One would have expected that he would have stepped down. Instead, treasurer Josh Frydenberg has not only given him another five-year term but thrown an extra $58 million into the body.
Frydenberg goes out on a limb to suggest, “I think he’s done a very good job.” The public deserves to have some evidence of this put before it. Given the failure to properly regulate the banks, what has been done that deserves the praise? The inquiry report was highly critical of APRA’s failure to prosecute misconduct.
The minister covers himself by talk about a “review of APRA’s enforcement strategy.” What this means he doesn’t say. A thorough investigation of the operation of APRA is what is needed. Has there been wilful misconduct within this organisation? Does it have the the stain of corruption? Should certain people be prosecuted? If the answer is yes to any of these questions, APRA should be scrapped and a new and proper regulator created. Those who failed in their watch should certainly not be rewarded.
Maintaining the mates club is more important than this, to our excuse for a government. By failing to act immediately and decisively, it is proving its own collusion with wrongdoing, and that it is part of the problem.
There is going to be no real action to stop what the banks have been doing. A few cosmetic changes may come about. It will change nothing. Business will continue as usual. Australians of all walks will continue to be ripped off. The money laundering will not come to an end. Millions will roll in and they will still pay almost no tax.
If Australia wants a change, it needs to look elsewhere.