Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry Report

Moved to Forum: Original Link

An enthralling 1000-page read! Perfect for those nights where you just can't get to sleep.

A maximum of 5 copies can be ordered per party.

Mod: As per description above, this was originally posted as a deal/joke post. Moved to forums so discussion on this subject can continue.

PDF Copy available via this link

Key Points

  • The final report recommends financial watchdogs consider criminal charges against unnamed organisations linked to the "fees for no service" scandal.

  • ASIC will become the primary conduct regulator overseeing superannuation.

  • The Government has now agreed to create a national farm-debt-mediation scheme that would assist borrowers to address financial difficulties that have caused loans to become distressed.

  • The Government will establish a so-called compensation scheme of last resort to allow consumers and small businesses, who have been failed by financial firms, to have their cases heard.

  • Some of the mortgage-broking industry's worst fears are contained in the final report, with the commission recommending the industry move from a commission-based to fee-based model.

  • Buying a Car: The final report recommends moving to a deferred sales model, meaning customers could think about whether they actually need the extra insurance.

See ABC article for more information

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      • +2

        There should've been fees to begin with. Anyone who had a legit reason to need a hard copy (large companies) would certainly be able to afford it.

  • +6

    In the meanwhile banks are tanning their shiny asses somewhere far, far away, waiting for the end of financial year once again and looking at record sky high profits once again. And you? Well of course, you're doing nothing about it as you've always been doing nothing about it, or anything else important for your future or your childrens future, as they've done all they can do to keep you always busy, busy, busy and occupied with bills, stupid current affairs of some celebrities, running to Netflix, laughing at idiots on YouTube, plaining some new group hypnosis, trendy activity to feel you belong somewhere etc.

    And banks? Ah well, still tanning does behinds somewhere far, far away.

    • +1

      What do you propose happens to the banks (keeping in mind, they still need to remain financially stable to avoid a financial meltdown)?

      • Severe limits should be placed on usury, in terms of interest rates and their profit margins. It's one of the few "private" areas governments should heavily control and legislate, because of their economic importance. These people think they're geniuses, shifting around things that are not real. They're the biggest power, undermining the working classes.

        Public options should also be actively encouraged. I think you'll find this has been actively deterred in most countries, but would actually serve citizens/tax payers and governments alike, and a lot of countries will move toward this model in the coming decades. Wheels already shifting.

        • -1

          Severe limits should be placed on usury

          Ah yes, and also bring back stoning, and ban mixed fibre clothing, and shellfish.

          • @HighAndDry: I will stone you with shellfish until your clothes fall off :)

            Now, I know you didn't speak about de-regulation, so this may not apply to you. I just felt like posting it.

            Sadly a totally unregulated market does not work because people are self-interested.

            Self-interest and it's negative effects are obvious, but because it's a psychology subject and not economics you won't find it in economics books. And most people that preach de-regulation are warriors bred through learning economics (I myself have a commerce degree with two majors, amongst other degrees, so yes I've read the 'standard' books that are part of such courses. Not to mention the bajillion research articles that are also necessary).

            With a big change in attitude then deregulation could be great. And there is a hell of a lot of inefficiency occurring through stupid regulation that should be unwound. But de-regulating is not an immediate panacea.

            Regulation has to consider realities of human behaviour in combination with inefficiencies it creates. It's cost-benefit and some of it is downright hard to quantify.

            • @justtoreply: I agree entirely. And I say that as a huge fan of Milton Friedman.

      • well how about all the money & goodwill the Govt spends/spent on keeping them profitable (such as the bank guarantee - free insurance) be converted into shares, so everyone can profit off them.

        • Whilst that guarantee obviously benefits the banks, its also important to remember that it has some benefits to the general public as well;
          1. Prevents a bank run, which could damage the entire financial system through a liquidity crisis
          2. Encourages competition between banks, especially on getting the best rate on savings.

          It is also important to remember that for the big 4 banks, which are deemed TBTF (Too-Big-To-Fail), they would probably be bailed out in the event they were to go under. In such an event, the current shareholders holdings would be heavy diluted thus they receive minimal benefit. However, the deposit holders would still be entitled to their deposit.

          Based on this, I find charging the bank for this guarantee potentially questionable. It would seem that the charging would simply be a means of reducing their current profits.

          Personally, I would rather the implementation of policies that provide the smaller banks a better opportunity to compete with the big banks. The difference in the cost of funds for the big 4 banks vs the smaller banks is simply too big atm for them. There are also other issues limiting the competition (i.e. social trends).

          • @infinity03: No, the banks are getting free insurance. You and I have to take out insurance, the govt doesn't pay for that (they even essentially force us to take our private health insurance).

            I'm ok for Govt supporting business, but in exchange the govt should get a chunk of the business. Everyone wins.

        • Or you can just buy shares in these banks yourself. You do know they're publicly traded right? Nothing's stopping you right now.

          • @HighAndDry: Yeah,maybe read my comment again.

            basically the taxpayer/govt is giving them free insurance. We should get a monetary return on that. that's how they operate, they perform a service and we pay them fee's. Or you get free insurance with your loan? Nope. Same thing.

            But yes I've been buying bank stocks over the past 6mths.

  • +31

    Has Always been Free, just promoting waste of tax $. Anyone who actually wanted it would have sought it out themselves.

      • +17

        Because I pay Tax?

        • -2

          I think drazenm's point (which I'm not making a comment on one way or another) is that you've already paid your tax and if it doesn't go towards printing out this, it'll just go towards politician's lunches or pensions or flights instead.

          • +3

            @HighAndDry: How is that a legitimate point though? Just because some tax money is "waisted" doesn't mean we have to "waste" more.

            I don't get how people don't understand that it's not "government funded" or whatever, it's funded by you and me, everything that's "government funded" is actually "taxpayer funded".

            • @brad1601: The F is with people on this site being illiterate? Did I not just say:

              which I'm not making a comment on one way or another

              Regarding drazenm's point? FFS.

              • +1

                @HighAndDry: Lol chill, I didn't need you to explain his original comment to me in the first place, it's pretty obvious what he meant, it was just a dumb comment. I only elaborated on my point because you felt the need to reiterate his.

      • +2

        Actually, if you decide not to order a paper copy and have it delivered (but get the PDF version instead, if your workout want to read it) you'll likely have lowered the city of the royal commission by, say, $5.

        So, yes, you have just decided that the commonwealth won't direct an additional $5 to this program, leaving that $5 available for other programs.

        Meaning you have just had a direct impact on "where, when and how it is spent".

      • +2

        Brad1601 IS having a say in what is done with "tax payers money". He is saying lets not waste it on an item that I am sure no one here actually needs a hard copy of.

        BTW drazenm you are the one who sounds like a parrot.. you are the one who seems to except you cant do anything about anything. Well, you can and people like Brad1601 are the ones leading the way.. not muppets like you who have their heads in the sand and write ignorant comments like the one above.

        I've answered it all I think. ;P

  • +5

    Stuff the banks. Looked smug throughout the entire process.

  • +6

    Happy Valentine's Day for the wife.

  • +1

    /awaits @Diji 's feedback on this deal ;)

    • I mean, it's probably costing on top of that for each copy. So you're not helping.

  • +3

    500 free paper aeroplanes.

    • Free toilet paper.

      • be careful real toilet paper is water soluble,
        these papers were made to last centuries in the toilet of politics

    • don't forget to add labour costs to assemble the aeroplanes, unless you ship to PRC to assemble?

  • I was just wondering how to get the hard copy of these… didn't relaise they were free. Thanks Op.

  • +42

    Please don’t kill more trees😢

    • +2

      But they're already printed the books, after killing trees. I don't think they'll go chop new trees now in order to make more papers for these books.

      • Do you have confirmation of that?

        • Do you have a confirmation they'll start killing more trees now after we ordered these books?

          • @AussieDaddy: You made the original claim, so the onus is on you to justify it.

            I only asked a question, I didn’t even make any claims.

            • -2

              @1994tvmoviez: Nah. The original claim was made by DarkOz, i.e. that more trees will be killed for making these books.

          • @AussieDaddy: I'm ordering it on the off chance they'll cut down a tree just for my book.

            • @Munki: Actually ordering books means more trees are cut down.

              It's not directly as people think, it's moreso that the press requires some more Dunder Mifflin, and the supplier orders more from the primary factory. Hence, the increased demand funnels the system to increase supply of paper, and cutting of trees.

      • @AussieDaddy : But if people don't order this time, next time they may reconsider doing this

      • Eh. They'll use more paper stock, meaning they'll buy more for the next business cycle, meaning their supplier would order more from the wholesaler, who'll order more from the pulping mill, who'll have to source more of the source material.

      • but based on this year orders, they will on next year publish

    • I would say these are printed on paper from sustainable sources. Not only are the trees planted just for this use, they provide us with oxygen and absorb carbon dioxide during the growing process.

      • +2

        That's as deluded as property investors after the tax breaks and capital gains claiming they are doing it out of the goodness of their heart to provide someone a rental to live in.

        As much I can appreciate the joke of this deal it's sad it's likely to be abused and waste money and resources all-round.

        (incase I have missed the joke/sarcasm, sorry)

      • There is still the environmental price for processing from tree to book.

  • Order #347988

  • +4

    New monitor stand ordered! Thanks.

  • +3

    who are the lucky (profanity) that get paid to print this?, that's a serious order, printed in black and white i image these cost around 0.03 cents per page. at 1000 pages even if they are going with offset printing instead of digital (which they absolutely would be), even at say 8$ per book, with 350,000 orders that's almost $3,000,000 worth of printing -_-, my lord

    • Money like that would actually build half a dozen houses for families in places like Adelaide.

    • +2

      Your Lord is long gone

    • +3

      Can guarantee it will be someone with a connection to a politician. Wasn't one of the wives of a PM a while ago in the printing business for political parties?

    • +1

      Yes. This is the same efficient and intelligent government we're counting on to "be better than" the banks and somehow improve them.

    • They would have put out a government tender on months ago and chosen a printer based on the tender responses.

  • +2

    A maximum of 5 copies can be ordered per party.

    But what happens to those that have more than 5 friends at a party?
    We are not all hosting Clive Palmer parties

  • +12

    After the dust settles down, it'll be business as usual, just like it happened with job search agencies rorting the system, backdoor on phones so government can snoop on you without you knowing. Always the same old story. Put on rinse and repeat. Never learn. What can go wrong.

    Just like a house. If you don't maintain it, it will fall apart. It is the same with a country. if you don't care what is going with it, it will fall apart, and you will feel it. Don't expect your neighbour to do it, he cares about his house, not yours.

    Banks are made of people and everyone bears responsibility, from the cleaner to the CEO. Ignorance is not a reason to say not my problem. But as usual, the dust will settle down and the world will go on as usual.

    Now, where is that remote, there's a great movie on Netflix.

    • I'd like to see more consumer responsibility. I know this viewpoint from me probably doesn't surprise anyone but:

      1. Job agencies rorting the government is as much the government's fault as it is the agencies';
      2. Government backdoors on phones are done without consumer knowledge or being able to find out about it;

      But this? Fees were being charged on actual people who, at one point or another, agreed to pay those fees, or agreed to those loans, or could have at the very least checked their bank statement and seen those amounts being taken out.

      • +4

        Just over 2000 years ago romans said give people circuses and bread, and they'll be blind as a bat, but happy. They'll whinge, but at least there won't be an uprising. I wish I could say people will stand up and do something, but most can't be bothered. So I just leave them to their own devices. I've seen it too many times to believe in ideals of if you see wrong, you will act upon it. The world is just like a pride of lions eating a zebra, which by the way is still alive, while a herd of zebra is happily munching grass and listening to the zebra's cries. Well, I for one am welcoming the disaster that climate change will bring. Maybe, either the human species will disappear and another one will rise, then archaeologists will uncover the truth why it went down and learn from it, or the ones that do survive will finally realise they can't just be ignorant fools and sit around flicking channels on Netflix.

      • I agree that consumers need to take more of an initiative. I would even add the need for them to take time to understand the product that they have purchased. I find it difficult to see how one can rationalise the purchase of consumer credit insurance when the costs are often very close to the maximum potential benefit from that policy.

        • +1

          The ironic thing is that like anywhere else, but in this case banking system, most people who work in banks are just like everyone else. They go to work, pay their bills, have mortgage, spouse, kids, etc., and they too are affected by it. Apart from few, everyone is a loser here, and instead of thinking we have to work together, they are just like rats on a sinking ship. Every man for himself. While you can still jump onto another ship, what will happen when all ships go down. if people did the right thing and others stood behind them and supported them, it would be a better world. Unfortunately the humanity lack in that department. They could find a way to travel to infinity of universe, but with this mindset, humanity sets itself for failure.

          Take for example phone companies. They are trying hard to make it confusing for customers to just simply see how much they would be paying. One offers 28 days sim card, another 30, another 31, with different offerings… And you have to spend time, which no one wants, to find out if it is a good deal for you. Yet everyone uses a mobile and everyone just goes with all the charade. If you do things right the first time, you won't have to waste time fixing it later on, just to never fix it and wasting time and time again trying to fix it, but never actually fixing it. Even now, things can be done to make this world a better place, yet those high up sitting in their golden armchairs know that ordinary people will just whinge and do nothing as long as there is beer in the fridge and footy to watch, so the status quo remains. It will remain like this until climate changes enough to make it very hard to live in which case the society as we know will collapse or humanity uses up all the resources and again collapse will come from humans fighting for the leftovers. That is the Bible's great flood, which will be told as a legend.

    • Once I get my non CBA credit cards approved I'll be dropping them, despite being with them since having a Dollarmites account.

      • Funny thing popped in my mind. Does CBA stand for Can't Be Arsed :)

  • +22

    Please don't order if you don't have any need of it.

    Not only is it detrimental to the environment but also ends up just adding to the cost of the commission.

    I understand that this might be a good read for some who can't use the soft copy but I'm going to neg based on the OP description clearly treating it as a joke.

  • +12

    FFS stop wasting resources.

  • Kindling sorted for the coming winter. Cheers op

  • +2

    Even banks are smart enough to charge for paper statements…

  • +10

    Please don't destroy the environment by wasting resources for your own whimsical enjoyment of filling an online form.

    For all we know this was posted by the company who has the printing contract.

  • +10

    Please don't order hard copy if you don't need it.

    I do not know why anyone would need it in hard copy.

  • +1

    What a disappoint RC. Now, the big4 has even more power and confidence to screw up.

  • +9

    Stop killing trees and stop wasting taxpayers' money!

  • My kids say I don't do enough for the environment, so I've decided to order one and recycle the paper.

  • I’m fairly out of the loop, what’s the deal with the banks and superannuation stuff lately?

    I did see stuff about people who died still paying fees and it affected thousands on the news but didn’t pay too much attention.

    • People will disagree, but to me it just looks like individuals not wanting to take responsibility for their own actions and instead crying to the government. Like this example. Typical sob-story about a grieving widow having her house repossessed by a bank because she can't to repay her loan, ignoring that:

      He discovered his father had secured five separate loans with Suncorp in 2013 and 2014, with a combined debt of around $1 million…


      The Lows had assets including a family home, a Queensland holiday home and a block of land owned by a self managed superannuation fund.

      And of course, despite them receiving the money and spending it (what on? Who knows) they think they shouldn't have to repay it. F'n typical.

  • +2

    TL:DR -

    banks acting amorally to maximise their profitability - ShOcKhOrRor!

    • They've done the hard work so read it and maybe you can do something about it.

  • +2

    Joke post. No saving. Bad for environment

  • Waste of tax $$

  • Waste of taxpayers money, waste of paper, waste of toner, waste of delivery emissions etc etc etc.
    Don't order a stack of paper for fun. you put your yellow pages straight in the recycle already, why do you want more paper.

  • Per others above, extreme waste of taxpaper money to print and ship 500 pages to those who have no need for it.

  • Unless you are a broker wanting to reimagine your business, agree with others - don't order it!

  • +3

    This isn’t free - our tax dollars pay for it. Thanks for contributing to the waste of our money.

  • Waste of paper

  • Waste in every aspect.

  • +1

    Why is this a bargain, the more copies that are ordered, the more cost to the tax payer and I pay taxes and (should) have a say in where my taxes are spent. This is not one of them.

  • +1

    What a waste of tax money

  • you mean the book about nothing? nothing tangible happened. no real reform

  • Can't wait to hear some poor government staffer struggling to explain to Senate Estimates why their printing budget went 1000x over for the 19/20 fiscal year.

  • +2

    commenting just to neg this lame idea of a joke

    • same

  • +3

    Our tax dollars are paying for it, so it's not free at all. Probably $50 a copy.

  • Read PDF if you have to. Or Print as you go as you will never read 1000 pages.

  • +1

    Big waste when you have the PDFs available

  • +1

    Great way to fill landfills and use unnecessary energy to recycle

  • +2

    Read the soft copy.

  • +1

    Doing my part in stopping wastage.

  • +2

    Waste of money and paper

    (neg pile-on!)

  • +1

    A waste of resources and money. The soft copy link is included in the post. Just read that!

  • Looks like OP is a relation of Royal Commission's purchasing officer… good on you to post this deal on OZbargain… you can get some percentage of purchasing officer's commission…

  • No need to print this junk and waste tax payers money in this. Invest it in making a solution not create more chaos…

  • +1

    If I want to I'll read it online, so this version that costs tax payer $ is not therefore free

  • +1

    What a waste!

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