The GFC Did Not Take Place The Coalition has long managed to convey a sense that the global financial crisis never actually happened. First came its attacks from opposition on the Labor governments relatively modest debt and deficits, incurred as part of an economic stimulus which probably helped prevent a local recession. Then came its proposals to wind back Labors tightened financial advice regulations – the Future of Financial Advice (FOFA) rules – in the wake of the GFC and the 2008 collapse of Storm. Next, the government announced that it would cut funding to the already under-resourced financial industry regulator – the Australian Securities and Investment Commission (ASIC) – as part of its suite of budget savings. And this morning the government is expressing reluctance to investigate further the role of both the Commonwealth Bank and ASIC in a financial planning scandal characterised, according to the report of a senate inquiry, by fraud and coverups. The only players who seem to share the governments commitment to the further deregulation of the financial planning sector are the banks themselves and the Institute of Public Affairs. Any acknowledgement that industry deregulation played a major part in the GFC itself seems largely absent, as the government continues its war on what it calls red tape. RUSSELL MARKS, EDITOR https://ci3.googleusercontent/proxy/Xwxk2UtzFSfbc2koXkUHz-ykIyXlLzn0RnEFt3exkSiQ6ibd4O-pZfwkSjdKFleSbRYgyQGT5AbYlkBLEDq2fTB_MjdHoyHeDZHtm4VLfTlKWsY2VORc9PEs3rJwoHjGRd6asqvNNG0tVk0GKneIQQF_KWUcDZE6DtgNcw=s0-d-e1-ft#gallery.mailchimp/04a8a28afded33a63164e316f/images/76f69c7f-9c60-45be-8419-1f74080162ed.jpg
Posted on: Fri, 27 Jun 2014 02:37:35 +0000
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