The gov only supports it when it supports them. But, Vic gov got debt issues $126 billion.
They wanted a Royal commission into banking – they gave the banks a grilling and told them how to run their businesses. We saw career politicians belittling bank managers in front of an inquire that was broadcast on the news -- nice! So the banks restructured themselves and stopped taking risks. We are now seeing by forcing the banks to stop taking risk they have created a system that only supports the 'unrisky', those with capital.
By not taking risk, they will inadvertently slow down innovation and put a hand brake on the economy. It is a real problem, one they will need to reverse.
The gov seem to 'over do it' and once they realise the full impact of derisking the banks, they will 'over do it' back the other way. Maybe we will see interest only loan again soon.
Ann: 1Q24 APRA lodgement and trading update, page-17
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