The Unpleasant Truth About Australian Banking

Introduction

The following quote is taken from, ‘How many small businesses in Australia’ that was published by Troy on 21 February 2022. It states:

The nation’s private sector consists mostly of small and medium-sized businesses. Australia, in 2018, had 2,309,436 small and medium-sized enterprises, amounting to 99% of its total businesses according to the ABS.

The Code Compliance Monitoring Committee was introduced by the banks and had maintained an accurate number of complaints by their customers since 2014. Tony Abbott was the Prime Minister at that time, followed by Malcolm Turnbull and Scott Morrison.

The following table demonstrates the importance of the Royal Commission in 2017.

Year Complaints received Not resolved in 5 days Difficulty requests
2013/14 897,987 107,761 271,703
2014/15 1,099,272 99,000 288,139
2015/16 1,226,093 85,200 296,071
2016/17 1,189,832 91,630 279,000
2017/18 1,130,037 101,703 298,569
Total 5,543,221 485,293 1,433,482

On 14 December 2017, Prime Minister Turnbull and the Governor General signed the Letters Patent. The next day, Commissioner Hayne required the banks and regulators to provide him with copies of all documents they had in relation to misconduct, and practices that had been below community standards since 2008. Neither the banks nor the regulators provided this information to Commissioner.

When banks’ chairmen and regulators swore to tell the truth, and nothing but the truth, they misled the Royal Commission by concealing Australia’s greatest crimes. It meant that the disputes during the past 5 years could be discussed publicly.

In August 2018, the Senate recommend that the Royal Commission be extended. The recommendations were referred to the Prime Minister and Treasurer but were overturned.  Only 27 cases were dealt with by the Commissioner. The cases set out on this site provide evidence of Australia’s greatest crimes.

These cases, which weren’t heard in 2018, are being published here by small businesses and farmers. They provide evidence that the practices of the banks and regulators are more serious than those of Bernie Madoff who, in 2009, was jailed for 150 years and died in jail last year. However, no chief executives of the 8 banks referred to in those cases have yet been prosecuted.

These chief executives and the directors were the Architects of the 2004 Code. They, and regulators, ASIC and APRA, knew about the crimes but did not suspend or cancel their licenses. These 27 stories are unsettling and disturbing.

  • All
  • Commonwealth
  • Criminal Loans
  • Suncorp
  • Westpac

Suncorp Bank and its Criminals

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Genner’s Predatory Westpac loan

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Suncorp, McLoughlin, and Crimes

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