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Can we regulate the banks properly, or are they simply too large and too powerful?

If this is the case, one wonders how effective current legislation and policy is?

There is some pessimism about whether efforts to change banker behaviour by regulation (including fines, being banned) can succeed. The telling factor isn’t so much the understandable pain of the betrayed and the aggrieved. Rather, it is the long-term and ongoing silence of customers and stakeholders who tacitly accept the banks’ behaviours to secure the rewards accruing from those behaviours. That 782 companies trading in Australia earn collectively over $500 billion while paying no tax back to Australia’s commonwealth signals little or no moral conflict in such situations for a healthy portion of our commerce and industry and capital holders.

What do you consider we need more of, and what do we need less of to strengthen current policy, legislation and regulation?

There are traces of a reaction against the banks triggered by the Royal Commission. This builds on wide dissatisfaction that the banks were bailed out after the global crisis whereas the bank’s victims were not. It would be good to see some action while the Royal Commission is fresh in people’s minds.

Written by

Mindhive | ex — Eidos, Boilerhouse, Basement, Margaret Marr | Speaker, Author | Bringing the shared economy to problem-solving #collectiveintelligence

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