SBS Korean Program analyses and sums up the major national news from Australia's mainstream daily newspapers.
The Australian
Kenneth Hayne has recommended criminal charges against three financial
institutions and asked for investigations into 15 more in a final report that
sets up an election battle between the Morrison government and Labor over which
party can be tougher on the banks.
Arrogance and an unwillingness to take the bank's misconduct seriously: these
were the fatal flaws that set NAB on a pathway that seems likely to claim the
jobs of its chairman, Ken Henry, and chief executive, Andrew Thorburn.
The $2.7 trillion superannuation sector will undergo a radical transformation
under the Hayne recommendations, with new job entrants able to carry one default
account with them through their careers, ending the proliferation of fee-
draining multiple accounts.
The Financial Review
The Australian Securities and Investments Commission has banned
Commonwealth Bank of Australia's financial planning arm from charging ongoing
service fees until further notice after a report found the business had
inadequate systems in place to protect its customers from being ripped off.
Chances of Australia and Indonesia signing off on their free trade
agreement before the federal election are slim because of ongoing fallout from
the government's overture towards Israel late last year and the looming
Indonesian elections.
Sydney Morning Herald
Banks face the prospect of criminal charges, while the superannuation
and home loan sectors are likely to be radically overhauled, in the wake of
recommendations from the Hayne royal commission.
Australian soccer player Hakeem al-Araibi will fight Thailand's plan
to send him back to Bahrain, with a Thai court granting him until April 5 to
submit his legal defence and stop his extradition to the country of his birth.
NSW Labor leader Michael Daley says potentially "tainted" donations would be
quarantined and not spent on the election campaign as the corruption watchdog
investigates his party. The NSW Independent Commission Against Corruption is
understood to be investigating $100,000 in donations made to NSW Labor at a 2015
fundraising dinner.
The Herald Sun
Fears have heightened over dozens of buildings around Melbourne with
high fire-risk cladding, as residents in a CBD tower were shut out for 48 hours
after a towering blaze yesterday. Melbourne City Council issued the emergency
order for the Neo200 building in Spencer St after fire jumped, via the cladding,
between six floors in just five minutes.
The Finance Brokers Association of Australia mortgage broking industry
has savaged the final report from the banking royal commission, saying
recommendations to dramatically overhaul how brokers are paid will make loans
more expensive by entrenching the power of major lenders.
The Canberra Times
Banks face the prospect of criminal charges, while the superannuation
and home loan sectors are likely to be radically overhauled, in the wake of
recommendations from the Hayne royal commission.
The politics of the response to this royal commission will be like the politics
of its creation. There will be no reward for going soft. Scott Morrison and Bill
Shorten are both vowing to act on the final report, but their responses are only
the start of years of political wrangling.
The Hayne royal commission has recommended new sweeping powers for the
regulators of the financial services sector while also urging a radical overhaul
of the culture of the corporate cop which has been slammed for treating the
banks like "clients".
