The Banking Royal Commission’s Final Report has generated much froth and bubble in the media. Hayne has chosen to emphasise the sins of the finance sector in the ‘wealth management’ arena (financial advice, insurance, super – the last superficially). Media coverage has implicitly accepted Hayne’s priorities (nowhere defended); indeed, the media has itself set the scene over preceding years for these priorities.

Marginalised, in particular, are the domains of small business and family farmer lending. These two command a mere 10 of 580 pages! Upon reading the pages on small business lending I experienced revulsion and disbelief. And I am an outsider.  A small business victim reading these pages, life destroyed, would be reacting with fury. 

The text displays no understanding regarding the relationship between bank lender and small business borrower. It reminds me of banking law textbooks where statutes are described (at great length) as if they were automatically and successfully applied, with no description of the real world. We read …