Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

As the CBA announces billions in after-tax profits, workers are denied wage rises to keep up with inflation and many will be squeezed by interest rate hikes. Peter Boyle argues that the bank should be taken back into public ownership and run as a not-for-profit service.

Crown Sydney

Everybody knows the gambling industry feeds on misery. We need to hold the individual fat cats accountable. But we also have to shine a spotlight on the pathway out of this systemic mess, argues Alex Bainbridge.

After Commissioner Kenneth Hayne released the banking royal commission’s interim report in September, many of the headlines and takeaway quotes focused on its claim that banks “put profits before people”.

 “Why did it happen?” the report asked. “Too often the answer seems to be greed — the pursuit of short term profit at the expense of basic standards of honesty. How else is charging continuing advice fees to the dead to be explained?...

"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.

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.

There has been ongoing reporting of individual instances of bank malpractice and occasional reporting of large scale institutionalised malpractice. Reporting of the banking royal commission hearings has quickened the pace. But nobody, including the media, joins the dots: the key financial institutions are structurally given to corrupt practices, writes Evan Jones.

The mounting scandals being revealed by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlight the need for a comprehensive and radical solution to the crisis in the banking system.

The Big Four banks must be nationalised so people can take back their stolen wealth and a new public banking system must be created under democratic community control.

The first day of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry heard startling evidence that National Australia Bank (NAB) managers took envelopes full of cash as part of an alleged bribery racket in which bankers sold loans based on fake documents to “smash” sales targets.

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 publication of NSW Greens Senator Lee Rhiannon’s new pamphlet, Sold off, sold out: the disaster of privatisation and how to reclaim our common wealth, is timely.

With the federal government now supporting a royal commission into the banks and widespread controversy over national energy policy, the damaging consequences of privatising many of the country’s formerly publicly owned industries is clear for all to see.

Finance industry workers are facing increasing pressure as banks seek to maximise their already hefty profits. Our jobs are becoming increasingly precarious, and all the while our wages and conditions are being threatened with cuts.

These days, if you walk into a bank, you’ll find very few staff and a lot of ATMs, which not only give cash but do almost everything a teller can do. You will also find a concierge, whose job is to shift customers to self-service via online banking. Tellers have performance targets for shifting customers online.