A parliamentary inquiry into the Australian Securities and Investments Commission has revealed startling evidence about some of its operations. Suzanne James reports.
Australian Securities and Investments Commission (ASIC)
The聽Barangaroo project and casino is a story of corruption and secrecy, motivated by profit, and widespread opposition from community groups. Ben Radford reports.
Deregulation and weak regulations allows greed and dishonesty to continue in Australia鈥檚 financial sector, argues Suzanne James.
The Finance Sector Union has slammed a plan to "embed" financial regulatory agency officers inside the Big Four banks and the financial management giant AMP. The FSU says that officers from the Australian Securities聽and Investments Commission (ASIC), which has been criticised for being 鈥渢oo close to the banks鈥, would be unable to penetrate the unethical internal culture of the banks.
While federal Treasurer Scott Morrison was spruiking low and middle income families as the 鈥渨inners鈥 in the federal budget, unnoticed among the biggest 鈥渓osers鈥 was the Australian Securities and Investment Commission (ASIC).
The owner of a Queensland tour company that underpaid its workers has been jailed by the Federal Court in a contempt of court case brought by the Fair Work Ombudsman (FWO). It was the first time a boss had been jailed as a result of action by the FWO.
Some of Australia鈥檚 most respected investigative journalists have signed an open letter to the federal government urging it not to privatise the corporate registry held by the Australian Securities and Investments Commission (ASIC). They have urged the government to make access to the database free, as it is in New Zealand and Britain.
"Let's take the big banks head on over their crimes and their attempts to cover up their massive financial rip-offs, and nationalise them under workers' and community control," Peter Boyle, Socialist Alliance candidate for the seat of Sydney in the upcoming federal election, said on April 14. Boyle was responding to reports the banks were considering a huge advertising blitz against plans by the Greens and the Labor Party to launch a Royal Commission into the banking and finance sectors.
The revelations from the Panama papers continue to reverberate around the world. While the Australian angle has so far been a bit anticlimactic, it did kick off a discussion about the banking sector and tax havens.
Bill Shorten, in an uncharacteristic display of spinal-cord solidification, seized the initiative and announced that the Labor Party would conduct a Royal Commission into the banking industry if elected.
Institutional corruption and lack of governance are serious issues requiring forensic and transparent public examination both in Australia and throughout the rich world.
The global economy has been stagnant since 2008, thanks to unregulated financial derivative markets estimated at the time at one quadrillion (one million billion) US dollars. Betting on interest rates and foreign exchange rates accounted for more than half of this amount.
NSW Liberal Premier Mike Baird is likely to be called before the parliamentary inquiry into the state government's proposed privatisation of the "poles and wires" of the state's electricity industry in May.
Baird will be questioned over allegations of government tampering with an expert report on the planned leasing of the power industry before the recent March state election.