Yes, the Morrison government has said meekly, to everything the banking royal commissioner Kenneth Hayne has recommended.

In political terms, it’s blindingly obvious why. A federal election is in sight. The Coalition is vulnerable on this issue, having spent years obstructing a deeply necessary inquiry that unearthed a trove of malfeasance – case studies that still beggar belief. Scott Morrison at one point opined rashly that calls for a royal commission into the banking sector (after a string of scandals that, in the end, proved the tip of the iceberg) were a “populist whinge”.

To do anything other than saying “yes Kenneth, thank you Kenneth” would have been politically untenable, and the Coalition is desperate to avoid a fight with Labor on Big Bad Banks, its preferred territory.

By saying yes, and pronto, the government is hoping to shut a potent political issue down, burying it in a blizzard of worthy implementation …

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