In the past the banks delivered healthy profits and security. There was scant competition in a largely protected market place. Money was rationed. But in 1983 all that started to change. The Federal Government took the first steps in opening up Australia's financial markets to overseas competition. It cut lose the Australian dollar, allowing it to find its own level against other currencies. By 1986, 17 foreign banks had gained entry to Australia to provide another competitive spur. The mood was euphoric. The Australian dollar became the sixth most bought and sold currency in the world. We were truly part of the global economy. For the banks it was party time. A new kind of banker was emerging - driven by big bonuses for high sales. Money wasn't lent anymore, it was sold like a product.
Now we are in deep doo-doo thanks to BAD Bankers and slacko regulators.
We need former staffers as whistleblowers to step up to the plate please! Time to do the right thing.