Australia’s big banks are at the coalface of the economy. Governments should be listening when they highlight the need for change.
Already a subscriber?There was an inkling last week that the confidence of banking executives is starting to re-assert, with key staff appearing atand calling directly on the Albanese government to get on with economic reform.
bankers, their default position on everything has been to apologise, call a review, then apologise again.former CEO of the Commonwealth Bank, But since the Global Financial Crisis, this trigger was rarely, if ever, pulled. Bankers were humiliated with bailouts and liability guarantees, the titans of Wall Street morphed from rugged individualism to be seen as cap-in-hand beggars at the feet of working-class taxpayers. Even though the GFC was caused as much by short-sighted government interventions aimed at widening home ownership, bankers in the US and around the world wore the reputational stain.
This all culminated in an independent prudential review of the CBA and the Hayne royal commission. The latter undermined a generation of middle-to-upper management executives. Hundreds lost their jobs and reputations, and the talking heads at the banks have cowered ever since.The bankers who spoke out are worth hearing, partly because they have decades of business experience but, more importantly, to avoid a political blowback, they will only say things which are patently true.
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