The big four bank chiefs can stride confidently into the capital. Perhaps the supermarkets, now under attack, can learn something from their rehabilitation.
But one sector has slipped quietly out of the line of political fire. The big four banks are no longer making headlines for ripping off customers, booting business owners out of their homes or passing through out-of-cycle mortgage rate increases.The big four bank chiefs can stride confidently into the capital, so long as they’re prepared to cop some abuse about why it costs 8¢ extra to pay with our mobile phones for our $5 coffees.
Circumstances, the current state of the economy, a shift in what matters to the public and some skilled lobbying have all played a part.For starters, the bar was set low after the royal commission that burnt the reputation of the banks to the ground. Strategically, the banks did well to accept its scathing findings and commit to do better rather than squeal about any apparent injustice.
This has directed vitriol toward the big grocery chains and any company jacking up prices. Woolworths and Coles are the natural targets. An investigation by the competition watchdog into supermarket pricing has raised the temperature even further. But the Insurance Council of Australia, under the leadership of Andrew Hall, is well onside. Hall received an industry award in August and assistant treasurer Stephen Jones appears particularly tight with the sector.
Comyn, who has gained the trust of consecutive treasurers, isn’t afraid to steer the economic and policy debate towards where he thinks it should go.
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