Bank bashing is a national pastime in Australia and the proliferation of parliamentary inquiries into financial services – there have been more than 25 since 2009 – panders to our bloodlust. So, what has Commissioner Kenneth Hayne added to the canon of money merchant morality plays?
The markets tell the story: bank stocks soared to their biggest one-day rise in more than two years while there was a drop of nearly 30 per cent in the share price of major mortgage brokers.
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