It may seem paradoxical – even insane in polite society. But with a surge of new technologies emerging, which could provide competition for traditional banking, the government would do well to consider responding to the Hayne Royal Commission by deregulating the banking sector.

The news of the month has been the Hayne Royal Commission into financial services, which contained damning reports of dastardly misdeeds by big bad bankers, who presumably smoked cigars lit with $20 bills while they charged fees for no service and committed other iniquities.