In whose interest are we working?
The Final Haynes Commission Report was released on 4th February 2019. The Australian Treasurer has advised that the government, if re elected, will implement 75 of the 76 recommendations. Recommendation 76 – the recommendation that mortgage brokers be paid on fee for service by borrowers, rather than with commissions from banks – will not be implemented on the grounds that implementation will deflate housing prices.
Given experts in the Australian Financial Review (5th February 2019) advise implementation will have limited market impact I can only assume that the Treasurer is protecting self interest. If so, the comments and recommendations relating to Culture, Governance and Remuneration (and how a culture focused on self interest is not one to cherish) that Commissioner Haynes puts forth seem to apply to the Government too. This is of much greater concern to the future of Australia than market price movements. Read more.
Some earlier posts:
If you would like to get daily insights like this, direct to your inbox, then click here.