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Banking Royal Commission

Banking Royal Commission

Old Sep 20th 2018, 8:37 am
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Default Banking Royal Commission

Only yesterday realised this was an ongoing reporting process over there. Not really surprised, but it's going to have quite a few ramifications on the general economy as a whole.
Not seen it mentioned on here so I thought I'd ask.

​​​​​​​What are your thoughts.
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Old Sep 20th 2018, 9:27 am
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Default Re: Banking Royal Commission

Been going on for years. But Australia is no stranger to banking fiasco's, corruption and tax payers money bailing them out. Where to start? The 87 share market crash almost destroyed Westpac. Almost (I can't recall the exact figure) but something under 2 billion $ was required of tax payers money over the following years.
I think it was ANZ that experienced serious problems for same reasons at the sometime. A seriously shocking state of affairs, almost matching the WA fiasco of Rothwells which brought down the corrupt house of cards on WA INC and earned a Premier 'bird' time. Only two years mind, but cost the State of WA dearly.
Not forgetting the State Bank of SA which in 1991 collapsed costing plenty.......
I know quite a lot about the WA INC debacle, from those on the ground. The entire gung ho , ride them cowboy attitude of the eighties here in WA, was a sight to behold. Big money won and big money lost.
Makes me smile somewhat to read some of the support on forums for an industry that deserves little but contempt. Banks have made it 'easy street' over recent years, with the mortgage market. Loaning for unproductive housing over business hardly good for economy. A shame regulation has not been imposed to any extent warranted and those found guilty of illegal practices as has been revealed a plenty in Banking Royal Commission, jailed.
We need a Royal Commission into the Real Estate Industry as well, to follow that on Aged Care to which very broad terms of reference needs to be applied.
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Old Sep 20th 2018, 1:14 pm
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Default Re: Banking Royal Commission

Originally Posted by sign View Post
Only yesterday realised this was an ongoing reporting process over there. Not really surprised, but it's going to have quite a few ramifications on the general economy as a whole.
Not seen it mentioned on here so I thought I'd ask.

What are your thoughts.

It's bad but nothing compared to what UK banks and other financial institutions have got up to over the last couple of decades

​​​​​​​Our economy will be fine
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Old Sep 20th 2018, 10:52 pm
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Default Re: Banking Royal Commission

Reasons being for above optimism? Depends largely on how far the housing market falls. A fall of substantial proportions, will severely damage banks and financial institutions. No other country has so much reliance on housing tied up in their system.

You cannot compare the massive financial industry of UK, principally London, with the Big 4 in Australia. Gross incompetence has resulted, through lack of regulation, with the truth being nobody knows how much damage will be inflicted.
O/or economy if not fine and depends on situations beyond on our control.
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Old Sep 21st 2018, 2:02 am
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Default Re: Banking Royal Commission

Originally Posted by the troubadour View Post
Reasons being for above optimism? Depends largely on how far the housing market falls. A fall of substantial proportions, will severely damage banks and financial institutions. No other country has so much reliance on housing tied up in their system.

You cannot compare the massive financial industry of UK, principally London, with the Big 4 in Australia. Gross incompetence has resulted, through lack of regulation, with the truth being nobody knows how much damage will be inflicted.
O/or economy if not fine and depends on situations beyond on our control.
I'm assuming you're replying to my post as you now refuse to use the quote system

BE works best when it's used as it's designed

If you don't use the quote function, I'm not going to engage with you on here
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Old Sep 21st 2018, 4:33 am
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Default Re: Banking Royal Commission

Originally Posted by Amazulu View Post
I'm assuming you're replying to my post as you now refuse to use the quote system

BE works best when it's used as it's designed

If you don't use the quote function, I'm not going to engage with you on here
Well you don't as a rule anyway. Rather obvious, but hey I care not, if you engage or not. The fact that Australia is pretty much stuffed on current projectory remains.
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Old Sep 21st 2018, 4:54 am
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Default Re: Banking Royal Commission

Originally Posted by the troubadour View Post
Well you don't as a rule anyway. Rather obvious, but hey I care not, if you engage or not. The fact that Australia is pretty much stuffed on current projectory remains.
No more stuffed that your darling 'better' countries - Germany, Denmark, UK, Malaysia etc

Wealthier and healthier than all of those countries - not my opinion - verifiable facts and data

We'll be okay
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Old Sep 21st 2018, 7:29 am
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Default Re: Banking Royal Commission

Originally Posted by Amazulu View Post
No more stuffed that your darling 'better' countries - Germany, Denmark, UK, Malaysia etc

Wealthier and healthier than all of those countries - not my opinion - verifiable facts and data

We'll be okay
As I thought, nothing of substance. Australians being among the most indebted nation on a personal level on earth, banks exposed with some 60% of all loans in home loans, Australia being the most exposed nation on earth to a Chinese crash , a one track pony, with over priced services attempting to carry it through. Few nations in the world are exposed overall as Australia. Never mind countries mentioned, most being EU . Nothing to do with wealthier actually, although Australia has been right, royally ripped off by multi nationals, over its' boom period', but admiringly Federal debt not too bad . Sadly that will not sustain the economy with every chance the housing market tipping over the edge. Only question is by how much and what will set the real decline in motion? Interest rates are beyond the control of RBA, as I have said repeatedly. Rises in American interest rates will severely shock the OZ rate market.
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