"CBA: We put profit ahead of people", was the headline emblazoned on the front page of the November 20 Sydney Morning Herald. The paper was reporting on the first day of the final round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, in which the CEOs of the Big Four banks were being grilled about the banking scandals that have outraged the Australian community over the past year.
royal commission into banking and financial services
The Big Money Club clearly lives by its own perverse rules.
The interim report of Royal Commissioner Kenneth Hayne on the crimes and greed of the Big Four banks underlines the urgent need to radically overhaul the banking and financial system.
The humiliating about-face forced on Prime Minister Malcolm Turnbull when he announced a royal commission into the banking and financial sectors on November 30 could be the beginning of the end for the Coalition government.
The Big Four banks have abolished fees on “foreign” automatic teller machines (ATM) withdrawals as part of a public relations ploy to head off a royal commission into their financial scandals.
The Commonwealth Bank announced on September 24 it was scrapping ATM fees on withdrawals by customers of other banks. This was immediately followed by ANZ, the National Australia Bank and Westpac.