Treasurer Josh Frydenberg said the banking industry must change forever.

Financial industry 'must change forever'

The banking sector has been told it "must change forever" for forcing the Australian community to pay an immense financial and emotional price over many years.


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A sensible approach to a workable solution must be discussed and implemented, as a sledgehammer approach is not what is needed, along with the fact that the Australian economy is already facing a prolonged slowdown, given the difficulties many are now finding in securing finance. The buildup to the release of the royal commission report has already seen a slowdown across many areas that support the financial services industry. In the meantime, Australia is facing challenges from the entry of many foreign banks and fintechs. In addition, the increased release of technology is also placing many pressures across the board. To conduct a witch hunt now will cause irreversible damage and is not the way to implement changes across the industry.

Jeff Mazzini seems to have put forward the most sensible and logical commentary to date. We can't listen to the politicians as they are only interested in the populist vote and their only solution is to slam everyone associated with the financial services industry because that is what they believe the public wants. One can only wonder what Kenneth Haynes' motivation was. If he truly understood the mortgage brooking industry, he would have reached different conclusions. He has effectively put more profits back to the banks. Not bad considering they were the ones that perpetrated most of the illegal activity, yet they have been rewarded. Then there is the poor old consumer. Again disadvantaged because those who think they know actually don't know. Is there a statesman in the Australian political system? It appears not.

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