And after the astounding Royal Commission revelations, we thought it couldn’t get any worse for the big banks! Twelve months ago in my wrap up of the Royal Commission I concluded with the comment “2018 has been an “annus horribilus” for the big banks and 2019 is shaping up as being at least as challenging”. […]
The last piece of legislation passed before the previous Morrison Government went to the polls was the Australian Business Securitisation Fund (ABSF) Bill which makes $2b available to SME lenders over the next four years to kick start the development of a market for securitised SME loans. Will the ABSF which is administered by the […]
In the two weeks since the release of the final report into Misconduct in the Banking, Superannuation & Financial Services Industry, rather bizarrely the most contentious recommendation deals not with bank misconduct but mortgage broker remuneration. This was primarily a Royal Commission into misconduct by the big four banks and they were lambasted by Kenneth […]
The extensive media coverage of the Royal Commission’s findings contain very few references to the SME sector. This is possibly because the report contains only six recommendations, four of which relate solely to the farming sector. We briefly discuss these recommendations then explain why for the foreseeable future SMEs can expect continued pain before exploring […]
I got it wrong when I predicted the Royal Commission wouldn’t amount to much. As a hardened 25 year career banker even I’ve been dismayed by the revelations. There will be more to come later next month when the RC turns its attention to SMEs, but the ramifications from the RC will be far reaching […]
A truism learned from a career inside and outside banking is “you may win a battle with a bank but you’ll never win a war”. But big and powerful banks, accustomed to getting their way with customers, seem to be finally coming to the realization that they are not going to win the public opinion […]
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