Treasurer Scott Morrison expects more Commonwealth Bank executives to go, after a damning report by the banking regulator, APRA. The report called the CBA Board “ineffective’ and “complacent.”
Anna McGraw reports.
The investigation into Australia’s biggest bank, follows last year’s embarrassing money laundering scandal.
The Regulation Authority report didn’t mince words, and Treasurer Morrison pounced.
Scott Morrison, Treasurer: “It found that there was a complacent culture, dismissive regulators and ineffective board that lacked zeal.”
Today, the Commonwealth Bank accepted APRA’s 35 recommendations including that senior leadership was slow to recognise or address threats to CBA’s reputation, the bank was desensitised to failings with customers, and that the CBA has fallen from grace.
It is now a waiting game to see who else from the board will step down.
Scott Morrison, Treasurer: “Executives are gone, board members are gone, more will go.”
Next week, it will be the Treasurer under scrutiny as he delivers this year’s budget.
Personal income tax cuts have economists already criticising Mr Morrison, saying it’s a ploy to win votes.
Anna McGraw QUT News.