By Professor David Grant, Pro Vice Chancellor (Business), Griffith University
Prime Minister Malcolm Turnbull recently bowed to widespread pressure and called for a royal commission into Australia’s banking sector.
This reluctant yet auspicious move is one that undoubtedly will have been welcomed by a broad spectrum of stakeholders including, quite possibly, those at the Australian Prudential Regulation Authority (APRA), who will now likely escape the degree of scrutiny that would have otherwise fallen on them should the federal government have failed to act in this way.
It has been a difficult year for the Authority. Having previously established an inquiry into the Commonwealth Bank following accusations of breaching anti-money-laundering regulations – in addition to the bank’s history of previous missteps and controversies – APRA found itself the subject of scepticism from the ALP and crossbench MP Bob Katter with respect to its impartiality, particularly given the close ties to the financial sector held
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