Chapter 5 - WAS JOHN HOWARD RECKLESS ?

I considered the 1991 Martin Committee's report because it led to the first Code of Banking Practice. Any celebration was short-lived because the Howard changed direction and gave the green-light to banking competition, and later supported self-regulation in the banking sector.

In 1996 – Following the Government's failed efforts to publish the first Code, the Australian Bankers' Association members published their own Code.

In 1997 – Wallis Inquiry recommends ASIC, APRA and later ACCC be established. A prominent Wallace committee member, Linda Nicholls, later appears as a Director, St George Bank.

Also in 1997 – ASIC is established to oversee consumer protection. Jillian Segal was its Deputy Chair, and later appears in this report as a Director, National Australia Bank.

In 1998 – APRA is established as prudential regulator with powers to oversee the banking sector but is blinded by questionable bankers and less than superior banking practices.

As a result, 25M Australians, who were entitled to honest bankers, fell victim to John Howard's crazy self-regulation policies with little or no oversight by government's watch-dogs. The new breed has taken control of the banking sector with less than honest practices, and have rewarded themselves with gigantic pay packets. FIND MORE...