Yeah, and no one in the RC or government has thought about this have they?
I am sure the aim of the RC and government is for the outcome to be wide spread panic and a property induced recession.
That way we can follow this
Banking RC with another RC about the amount of lives that have been ruined by the
Banking RC causing more harm than those found at fault by the Banking RC.....
Time will tell and may prove me wrong but I think you will find with regard to banks and home loans that the commissioner is well aware of the "unintended consequences" that Saul is talking about and the recommendations will be carefully constructed so as not to cause the property market meltdown that some are hoping for and the consequences will be well considered.
In addition, ASIC, APRA and the banks have already taken action on a lot of the problem areas. I expect the commissioner will applaud these actions, ask for more funding for ASIC and APRA, make some grand statements about the necessity for our banks to be moral and have customers best interests at heart, and recommend some minor changes. But they will not recommend slapping any more caps or restrictions on lending above and beyond what has already been put in place by the regulators.
Super and financial advice on the other hand, well that's another story....
There you have it, I expect to be ripped apart when the report comes out.
