XJO Weekend Charting and Chat - 09 Feb 2018, page-50

The banks will do well out of this commission.
They decided they wanted it
They decided when they wanted it
They decided on the terms of reference.

By defining the terms of reference, and the government acquiescing, they get to drag in the not-for-profit super industry, which outperforms the for-profit superannuation industry.

They are doing this to because they want management access to the funds held by the better performing not-for-profit super industry.

In terms of the banks being the biggest sector on disallowed, it wasn't always the case, and it does present a warning sign.

While banks are necessary for a well functioning economy, you can think of them as fulfilling the same role as a filing cabinet or a safe in a business.

They are a great place to store stuff. They are essential. But on their own, they don't actually do much. They don't produce, they just take a cut on every transaction.....a sort of tax.

Sure, you need access to documents and money,.....but what happens when the cost of maintaining the cabinet is greater than the income from the rest of the business?

I get the feeling the banks will win this.

MFx