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Ex-CBA boss to head major financial inquiry

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Australian Broker | 21 Nov 2013, 08:15 AM Agree 0
A former CBA chief executive will lead the most significant inquiry into Australia's financial system in sixteen years.
  • dpathle | 21 Nov 2013, 09:25 AM Agree 0
    I'm picturing David Murray as Luke Skywalker and the bankers as Darth Vader. "David ol' buddy ol' pal, it's been a while, come on in and take a seat and listen to what we have to tell you about how our industry should be run". Be strong David and I hope the force is with you, because ASIC and APRA have not been managing the dark forces very well over the years.
  • Keith of the West | 21 Nov 2013, 10:31 AM Agree 0
    What a waste of tax payer money!. WHat will it achieve?

    During the GFC our banks stood tall while others worldwide collapsed ~ please are there not more important issues?
  • Aarong | 21 Nov 2013, 10:40 AM Agree 0
    I can save millions (hundreds of millions?). Just scrap the NCCP and go back to the previous system that was the only one strong enough to weather the GFC. No need to copy anyone else, they should recopying what we did back then.
  • mac | 21 Nov 2013, 01:43 PM Agree 0
    Doesn't seem like the most impartial head to me but I don't know him?
  • Really? | 21 Nov 2013, 04:26 PM Agree 0
    Pick a Banker to run a Bank competition review? I saw this done on a "Yes Minister" TV show. The outcome was assured.
  • North Sydney Broker | 21 Nov 2013, 05:36 PM Agree 0
    Does anyone really think the NCCP is doing what it says it would? I missed the old days... besides, look at all the M&As and the exit fee ban, competition? tell me about it.
  • Broker | 21 Nov 2013, 06:05 PM Agree 0
    Hope he finds NCCP to be the croc that it is!
  • Bill Hawil | 24 Nov 2013, 06:14 PM Agree 0
    Extract from:
    The great Australian superannuation fraud
    By Alex Messenger
    16 August 2010
    Moreover, fund managers receive these huge salaries regardless of whether their investment decisions increase or reduce workers savings over the course of a given year. Their pay is calculated not on return rates, but on the size of funds under management. Because 9 percent of workers’ wages will roll into the share market regardless of market performance, management salaries are guaranteed. Further, as the ABC pointed out, the vast bulk of the $1.17 trillion super pool is made up of contributions, not of returns on investments. Contributions have been boosted by a series of tax concessions engineered to make superannuation a superficially attractive investment for higher income workers. Prior to the eruption of the global financial crisis in 2007-08, tax incentives introduced by the Howard Coalition government caused a sudden exodus of household assets into super funds. Some $381 billion, about a third of the total $1.17 trillion super pool, was added in the years 2005 to 2007.
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