As the federal govenment burns are Turnbull and Co. just tinkering at the edges of banking and finance regulations or are they seriously committed to reform?

Way back in October 2016 the Australian Securities and Investments Commission (ASIC) began an Enforcement Review which examined the adequacy of legislation dealing with corporations, financial services, credit and insurance, with regard to serious contraventions in the financial sector, including fraud and criminal activity.

0n 18 December 2017 ASIC handed its Enforcement Review Report to the Turnbull Government.

It was probably no accident that four days earlier the same government ceased its sustained opposition to a highest level inquiry and created the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 

With the extent of bank money laundering becoming an issue and the review report on its doorstep there was nowhere else to turn, given the average voter would not have been receptive to the argument that the big banks were historically a protected species because of their generous political donations.

In April 2018 in the midst Royal Commission revelations concerning a host of bank and financial system abuses the Turnbull Government finally released its response to the ASIC review report.

This response "agrees" with or gives "in principle agreement" to all 50 recommendations but has placed 20 recommendations on the backburner.

Knowing that ASIC’s investigative abilities has been crippled by funding/staff cuts, that entities with annual profits in the billions just seem to shrug off large corporate fines, often indemnify executives in relation to individual fines and are able to play the legal system so that executives rarely see the inside of a prison, on 20 April the Turnbull Government via the Minister for Revenue and Financial Services revealed that by legislative amendments it will implement the potential for larger individual and corporate fines and double potential maximum prison sentences:

The Turnbull Government is strengthening criminal and civil penalties for corporate misconduct and boosting the powers of the Australian Securities and Investments Commission (ASIC) to protect Australian consumers from corporate and financial misconduct.

These stronger new penalties will ensure that those who do the wrong thing will receive appropriate punishment.

These reforms represent the most significant increases to the maximum civil penalties, in some instances, in more than twenty years. They bring Australia's penalties into closer alignment with leading international jurisdictions, and ensure our penalties are a credible deterrent to unacceptable misconduct.

The Government will increase and harmonise penalties for the most serious criminal offences under the Corporations Act to a maximum of:

For individuals: (i) 10 years' imprisonment; and/or (ii) the larger of $945,000 OR three times the benefits;

For corporations: (i) the larger of $9.45 million OR (ii) three times benefits OR 10% of annual turnover.

The Government will expand the range of contraventions subject to civil penalties, and also increase the maximum civil penalty amounts that can be imposed by courts, to the maximum of:

the greater of $1.05 million (for individuals, from $200,000) and $10.5 million (for corporations, from $1 million); or

three times the benefit gained or loss avoided; or

10% of the annual turnover (for corporations).

In addition, ASIC will be able to seek additional remedies to strip wrongdoers of profits illegally obtained, or losses avoided from contraventions resulting in civil penalty proceedings.

ASIC's powers will also be significantly increased through:

expanding their ability to ban individuals from performing any role in a financial services company where they are found to be unfit, improper, or incompetent;

strengthening their power to refuse, revoke or cancel financial services and credit licences where the licensee is not fit or proper; and

boosting ASIC's tools to investigate and prosecute serious offences by harmonising their search warrant powers to provide them with greater flexibility to use seized materials, and granting ASIC access to telecommunications intercept material.

The Turnbull Government is committed to ensuring ASIC is armed with greater powers to effectively deter, prosecute, and punish those who do the wrong thing, to improve community confidence and outcomes for consumers and investors in the financial services and corporate sector.

These reforms come on top of strong Government action to reform our financial services sector to better protect Australian consumers over a number of years.

The Government has already provided $127 million in additional funding to ASIC to bolster its investigative and surveillance capabilities; implemented an industry funding model for ASIC to give it secure funding; appointed a new chairman for ASIC, Mr James Shipton, and announced a new second Deputy Commissioner with an enforcement focus, Mr Daniel Crennan QC; established a new standards setting body for financial advisers; and established a new one stop shop for consumer complaints which is free for consumers, binding on financial institutions and can order compensation where appropriate.

Today's reforms to ASIC's powers and penalties follow recommendations made by the ASIC Enforcement Review Taskforce (The Taskforce). The Taskforce was established in October 2016 to fulfil the Government's commitment to review the adequacy of ASIC's enforcement regime in response to the Murray Financial System Inquiry, and provided its report to Government in December 2017.

The Government has agreed, or agreed in principle, to all 50 of the Taskforce recommendations and will prioritise the implementation of 30 of the recommendations.

The remaining 20 recommendations relate to self-reporting of breaches, industry codes and ASIC's directions powers, which will be considered alongside the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The Government thanks all the members of the Taskforce, including the Panel of Experts, Treasury, ASIC, Attorney-General's Department, Commonwealth Director of Public Prosecutions, as well as all stakeholders who participated in the consultation of the various position papers put forward by the Taskforce.

The Government's full response to the Taskforce Report can be found on the Treasury website.

Repeat after me: Australia is a low-taxing country, a low-taxing country.....

“Australia is a low-taxing country. While tax debate in Australia tends to focus on tax rates, with endless comparisons of different countries’ rates of different taxes, these debates ignore the fact that Australia raises far less tax revenue than most developed countries.

This is not a problem in itself. There is no right or wrong level of taxation. However, the level of tax revenue raised inevitably affects governments’ ability to fund essential services such as health, education, social security, defence and infrastructure. Polling consistently shows that the Australian public would prefer higher levels of spending on public services than lower tax collection.” [The Australia Institute, 17 April 2018]

In two weeks time a federal government ideologically glued to cutting company tax and spending big on infrastructure on the back of ever-decreasing taxation revenue will deliver its 2018-19 Budget Papers.

So Prime Minister Turnbull and Treasurer Morrison will ignore polls like this one, because the only voters with influence are found in the ranks of political donors, big business and industry.

The Australia Institute, 18 April 2018:

Small government has small support - National poll

A large national poll of 1,557 Australians, released today by think tank The Australia Institute, has shown 64% of people want more public spending funded by tax revenue. Just 11% want lower taxes and less public spending.

* Two-thirds (64%) said they would prefer more public spending, funded by more tax

   revenue, and less inequality.

* Only 11% said they wanted lower public spending, lower tax and more inequality.

* A majority of voters for all parties selected the more spending and more tax option:

* 56% of both PHON voters and Other voters;

* 60% of LNP voters;

* 71% of ALP voters;

            * 75% of Green voters.

Polling Brief - April 2018 - more or less spending tax inequality.pdf

P521 Australia a low tax country.pdf

Centrelink sends in the debt collectors.....

 

Forget establishing that an actual debt exists – this is 2018 and come hell or high water the Turnbull Government wants to use Centrelink to prop up its financial bottom line in time for the May 2018 budget papers.

To that end Centrelink management has increased the number of alleged debts referred to contracted private debt collectors working on commission.

On 12 April 2017 The Guardian reported that: Centrelink has used private debt collectors to pursue 43% of the debts raised by its controversial “robo-debt” system, a rate vastly higher than normal.

By the end of the 2016-17 financial year Services Australia/Centrelink had raised 2,384,91 welfare recipient debts with a calculated worth of $2.8 billion, of which $1.64 billion is said to have been recovered - an est. $126,100,000 to $126,280,000 by private debt collectors.

BACKGROUND

The Canberra Times, 9 June 2017:

Centrelink's controversial robo-debt program has been blamed for a huge surge in legal challenges by people facing the welfare agency's demands for money.

Centrelink debt cases at the federal appeals tribunal have soared by more than 50 per cent since mid-2016 and The Greens have laid the blame for the surge, which might take years to work its way through the system, squarely at the feet of robo-debt.

My office has worked tirelessly to assist scores of people who received incorrect Centrelink debt notices. In one case someone received a notice demanding $12,377.93 before we challenged the debt on their behalf & Centrelink conceded that they didn’t owe a single cent (1/2)

— Peter Khalil MP (@PeterKhalilMP) February 20, 2018

My daughter got a debt FBT debt, she had no idea about until ATO took it out of her tax
She contacted her local MP for help
She got her money back plus an extra 1k due to same errors #robodebt @AustralianLabor please reinstate Social Security where we help not hinder vunerable

— DameJenntheAmazing Research Fellow of Smartarsery (@Jenn1964Hussey) February 21, 2018

After a surprise call from @Centrelink alleging 10k of decade old debt and requesting bank statements dating back to 2008, @Centrelink have the gall to say I’m asking for “too much information” to see written proof of said debt. #notmydebt @not_my_debt Sorry WHAT?!

— cam (@cam06056055) April 19, 2018

Update for 10yr old 10k robodebt. Have received NOTHING in writing @Centrelink. Got multiple calls requesting bank info from 10 yrs ago that ANZ can’t provide. 2day I was threatened with final call asking for these unattainable docs before the “algorithm” is applied @not_my_debt

— cam (@cam06056055) April 20, 2018

For more examples go to  
https://twitter.com/not_my_debt 
or 
https://www.notmydebt.com.au/stories/notmydebt-stories

A little history on Centrelink and the 'robodebt' scheme from the #Not My Debt campaign 2016-2017

 

SEE: https://www.notmydebt.com.au/jongen

Away from the spotlight of congressional hearings Zuckerberg and Facebook Inc. show their true colours – implementing weaker privacy protection for 1.5 billion users

The Guardian, 19 April 2018:

Facebook has moved more than 1.5 billion users out of reach of European privacy law, despite a promise from Mark Zuckerberg to apply the “spirit” of the legislation globally.

In a tweak to its terms and conditions, Facebook is shifting the responsibility for all users outside the US, Canada and the EU from its international HQ in Ireland to its main offices in California. It means that those users will now be on a site governed by US law rather than Irish law.

The move is due to come into effect shortly before General Data Protection Regulation (GDPR) comes into force in Europe on 25 May. Facebook is liable under GDPR for fines of up to 4% of its global turnover – around $1.6bn – if it breaks the new data protection rules.

The shift highlights the cautious phrasing Facebook has applied to its promises around GDPR. Earlier this month, when asked whether his company would promise GDPR protections to its users worldwide, Zuckerberg demurred. “We’re still nailing down details on this, but it should directionally be, in spirit, the whole thing,” he said.

A week later, during his hearings in front of the US Congress, Zuckerberg was again asked if he would promise that GDPR’s protections would apply to all Facebook users. His answer was affirmative – but only referred to GDPR “controls”, rather than “protections”. Worldwide, Facebook has rolled out a suite of tools to let users exercise their rights under GDPR, such as downloading and deleting data, and the company’s new consent-gathering controls are similarly universal.

Facebook told Reuters “we apply the same privacy protections everywhere, regardless of whether your agreement is with Facebook Inc or Facebook Ireland”. It said the change was only carried out “because EU law requires specific language” in mandated privacy notices, which US law does not.

In a statement to the Guardian, it added: “We have been clear that we are offering everyone who uses Facebook the same privacy protections, controls and settings, no matter where they live. These updates do not change that.”

Privacy researcher Lukasz Olejnik disagreed, noting that the change carried large ramifications for the affected users. “Moving around one and a half billion users into other jurisdictions is not a simple copy-and-paste exercise,” he said.

“This is a major and unprecedented change in the data privacy landscape. The change will amount to the reduction of privacy guarantees and the rights of users, with a number of ramifications, notably for consent requirements. Users will clearly lose some existing rights, as US standards are lower than those in Europe.

“Data protection authorities from the countries of the affected users, such as New Zealand and Australia, may want to reassess this situation and analyse the situation. 

Even if their data privacy regulators are less rapid than those in Europe, this event is giving them a chance to act. Although it is unclear how active they will choose to be, the global privacy regulation landscape is changing, with countries in the world refining their approach. Europe is clearly on the forefront of this competition, but we should expect other countries to eventually catch up.” [my yellow highlighting]

NOTE:

The Australian Dept. of Human Services still continues to invite those who use its welfare services to visit its five Facebook pages on which it will:

* post about payments and services 
* answer questions 
* give useful tips 
* share news, and 
* give updates on relevant issue

All associated data (including questions and answers) will of course be captured by Facebook, then collated, transferred, stored overseas, monetised and possibly 'weaponised' during the next election campaign cycle which occurs in the area visitors to these pages live.

Micaelia Cash's bragging doesn't change the Abbott-Turnbull 'jobs and growth' numbers

On Thursday 19 April 2018 the Australian Minister for Jobs and Innovation and Liberal Senator for Western Australia Micaelia Cash stated: Since the Government came to office in September 2013, we have created a total of 996,800 jobs — an increase of 8.7 per cent.

What stands out for this voter is the small degree of change that has actually occurred when it come to those much vaunted 'jobs and growth' policies.

Bottom line is that in the years between the 2013 federal election when the Coalition Government came to power and the present day, the national unemployment rate has only fallen by half a percentage point and there are only four less job seekers competing for each job that becomes available.

In January 2014 the Australian population totalled est. 22.63 million, Tony Abbott had been prime minister for less than four months and seasonally adjusted there were an est.11,459,500 employed people across the country. This figure included wage employees, private contractors and business operators.

Up to an est. 1.5 million workers were being paid the National Minimum Wage.

Only 69 per cent of the 11.54 million had full-time jobs. Full-time employment decreased 7,100 to 7,953,000 and part-time employment increased 3,400 to 3,506,500.

Around 951,000 of these 11.45 million people in employment would be classified as underemployed, ie. they were employed in less than full-time or regular jobs or in jobs inadequate with respect to their training or economic needs. 

The workforce participation rate stood at 64.5% and the unemployment rate was 6.0%.

There were est. 728,600 people between 15 and 65 years of age who were unemployed and looking for work.

A total of 139,100 and 142,700 job vacancies were recorded for the months November 2013 and February 2014 respectively.

In January-February 2014 it was reported that there were 20 job seekers for every position currently available.

In March 2018 the Australian population totalled est. 24.90 million, Malcolm Turnbull had been prime minister for more than two years and there were seasonally adjusted an est.12,484,100 employed people across the country. This figure includes wage employees, private contractors and business operators.

Up to est. 1.8 million of these workers were being paid the National Minimum Wage.

Only 68 per cent of the 12.48 million had full-time jobs. Full-time employment decreased 19,900 to 8,514,100 and part-time employment increased 24,800 to 3,970,000.

Around 1.03 million of these 12.48 million people in employment would be classified as underemployed, ie. they were employed in less than full-time or regular jobs or in jobs inadequate with respect to their training or economic needs. It is likely that around 3 per cent  of this group were employed in low-paying and insecure jobs via federal government Jobactive placements.

The workforce participation rate stood at 65.5% and the unemployment rate was 5.5%.

There were est. 730,200 people between 15 and 65 years of age who were unemployed and looking for work.

There had been 220,800 job vacancies recorded by the end of February 2018.

In March 2018 it was reported that there were 16 job seekers for every position currently available.

See: Australian Bureau of Statistics Employment and Unemployment, Labour Force Australia, Mar 2018, Labour Force, Australia, Jan 2014, Roy Morgan Unemployment & Under-employment Estimates (2005-2018), Australian Unemployed Workers Union, ABC News March 2015 and ABC News March 2018.

How long can the world sustain the current level of commercial and recreational fishing?

A vast majority of Australian households have seafood meals throughout the year.

Last year fresh seafood accounted for 49 per cent of all fish consumed, 26 per cent was canned and 25 per cent frozen.

According to the Dept. of Agriculture Australia has the world’s third largest Exclusive Economic Zone. However, the low productivity of our marine waters limits wild capture fisheries production. 

This meant that by 2015 an estimated 70 per cent of the seafood we consumed was imported from other fisheries around the world.

In 2016 the United Nations expected fish stocks in oceans and inland waters to significantly contribute to feeding a global population predicted to reach 9.7 billion by 2050 – even though at least 31.4 percent of fish stocks were estimated as fished at a biologically unsustainable level and therefore overfished and, there has been a general decline in global fish take since 1996. [Food and Agricultural Organisation of the United Nations, 2016 The State of the World’s Fisheries and Aquaculture]

Since then there have been reports that competition with fishing fleets for the remaining Chinook salmon has led to a resident population of Orca experiencing sustained near starvation and studies are now showing that in human-dominated marine ecosystems loss of populations and species is occurring.

Despite the global situation Australians are still being encouraged to eat more seafood, but how long can this continue?

In 2018 another study was published which looked at ocean processes over the next 282 years and this study predicts that the global fish catch will continue its current decline.

Phys Org, 19 April 2018:

Climate change is rapidly warming the Earth and altering ecosystems on land and at sea that produce our food. In the oceans, most added heat from climate warming is still near the surface and will take centuries to work down into deeper waters. But as this happens, it will change ocean circulation patterns and make ocean food chains less productive.

In a recent study, I worked with colleagues from five universities and laboratories to examine how climate warming out to the year 2300 could affect marine ecosystems and global fisheries. We wanted to know how sustained warming would change the supply of key nutrients that support tiny plankton, which in turn are food for fish.

We found that warming on this scale would alter key factors that drive marine ecosystems, including winds, water temperatures, sea ice cover and ocean circulation. The resulting disruptions would transfer nutrients from surface waters down into the deep ocean, leaving less at the surface to support plankton growth.

As marine ecosystems become increasingly nutrient-starved over time, we estimate global fish catch could be reduced 20 percent by 2300, and by nearly 60 percent across the North Atlantic. This would be an enormous reduction in a key food source for millions of people.

Quote of the Week

“There are no saviours of democracy on the horizon. Rather, around the world we see a new authoritarianism that is always anti-democratic in practice, populist in appeal, nationalist in sentiment, fascist in sympathy, criminal in disposition, tending to spew a poisonous rhetoric aimed against refugees, Muslims, and increasingly Jews, and hostile to truth and those who speak it, most particularly journalists to the point, sometimes, of murder.” [Author Richard Flanagan writing in TheGuardian, 18 April 2018]

Miranda's IPA inspired rant

This was the News Corp mouthpiece for that far-right pressure group the Institute of Public Affairs (IPA), Miranda Devine, in full rant (though sticking closely to IPA's wish list) and under multiple mastheads on 18 April 2018:

Malcolm Turnbull has a rare opportunity to put a stop to the Left’s long march when the Race Discrimination Commissioner’s term expires in August

Race Discrimination Commissioner Tim Soutphommasane’s term expires in August and the Turnbull government cannot afford to miss this opportunity to stake out its ground in the culture wars.

Conservatives are sick of ­Coalition governments that ­appease the Left, curl into a ball and try not to cause outrage while Labor-Green governments remake the culture in their own image.

The country always takes two steps to the Left with a Labor government and not much better than one step to the Right or even staying in place with the Coalition, which puts us on a very bad trajectory indeed…..

So government gets bigger and more intrusive, the ABC continues unimpeded, destructive quangos such as the Australian Human Rights Commission proliferate and the cancer of identity politics takes hold. Little by little, our remarkable nation is transformed, and division takes root. The self-reliance and entrepreneurial spirit of Australians is sapped and the bonds of mateship are eroded.

But it doesn’t have to be that way.

The only way to arrest this dispiriting drift to the left is for Coalition governments to stop pretending there are no culture wars and get into the trenches and fight.

With a one-seat majority, a prime minister with fashionably progressive views and an election in the next year, we can’t expect bold actions by the Turnbull government that were beyond the Howard and Abbott governments. Such as closing down the Human Rights Commission.

But Malcolm Turnbull cannot ­afford to keep making mistakes like he did at the ABC when he appointed as chairman a man who is such a leftie he said he couldn’t see any bias.

The symbolic value cannot be over-estimated of replacing Soutphommasane with a commissioner who doesn’t want to use race to divide us.

That’s all this pesky 36-year-old French-born son of Laotian refugees has done since he was appointed to a five-year term by Kevin Rudd in 2013, a month before the Abbott government was elected. Despite the fact Australia gave Soutphommasane’s family a home, a free education at Hursltone Agricultural High and the University of Sydney, and a Commonwealth scholarship to Oxford University, he preaches that this is a racist country.

Despite the fact this is the most successful immigrant country in the world, which has mostly harmoniously absorbed as many as 200,000 new people each year from around the world, Soutphommasane tells us that the culture is toxic.

The former freelance journalist has bought the identity politics agenda, hook, line and sinker. He saw the great honours bestowed on him, such as membership of the board of the National Australia Day Council and the $340,000 gig at the Australian Human Rights Commission, as proof, not that this was a country that offered equality of opportunity to all comers, regardless of the colour of their skin. No, he saw it as more evidence of anti-white racism that needed to be set straight with social engineering.

He will never be forgiven for soliciting racial complaints against a cartoon by the late and much missed Bill Leak, whose persecution under Section 18C of the Racial Discrimination Act only really ended with his ­untimely death last year of a heart ­attack at 61.

Soutphommasane’s latest obsession is to impose ethnic diversity quotas on corporate Australia. He declared last year that there were too many white people running Australian companies.

In his five years he has just ­libelled Australia, created race-based social divisions and helped fuel a backlash against immigration.

So it’s not good enough for the government to appoint, as is mooted, an innocuous replacement who just avoids the headlines. Restitution is needed. If we must have a racial commissioner, then let it be a clear-eyed patriot who loves this country. Warren Mundine is the best person for the job. Well-respected, brimming with common sense and optimism, he has a proven track ­record as a businessman, and as an Aboriginal and political leader. He would unite us around what’s best about Australia.

This was a restrained Race Discrimination Commissioner Tim Soutphommasane in rebuttal the following day:

Photo of the Month

Campbelltown Macarthur Advertiser, 2018

Turnbull Government will ignore this call to extend Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry at its own electoral peril

Remember When Australian Prime Minister and former merchant banker Malcolm Bligh Turnbull ruled out a bankig royal commission?

Telling the nation; "I can tell you wehave as a government decided not to have a royal commission, we made thedecision a long time ago, not because we don't believe there is nothing goingon in terms of problems with the banks, it is because we want to take actionright now and we are".

Recall the time and other limits placed on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry when it was finally established on 14 December 2017? Giving it the power to ignore anything that it wanted to that would otherwise be within its scope. 

Well things did not go entirely to plan for Malcolm and his banker mates.

Because since13 March 2018 the curtain has been drawn back revealing the systemic unethical, deceitful, rapacious, sometimes fraudulent and, in certain instances criminal behaviour, of the financial sector.

National Australia Bank, Westpac, St George, Citibank, ANZ, AMP Insurance and the Commonwealth Bank of Australia, along with their financial services spin-offs, had all come under some degree of scrutiny by mid-April with more hearings still sheduled.

So it comes as no surprise that Fairfax Media is now saying what many are thinking.............

The Age, 18 November 2018:

Evidence to the fledgling financial services royal commission confirms the inquiry, long-resisted by the Coalition government and the banks, was justified and suggests it will lead to rigorous reforms. It also suggests the government’s decision to limit the probe to one year should be reviewed.

A damning admission by a top executive of what was once one of the nation’s most trusted institutions, AMP, about his company repeatedly lying to the corporate regulator about condoned client fraud intensifies concerns about one of the most crucial industries.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is only in its third week, but there has been a plethora of testimony to unethical and/or illegal practices including: charging clients for wilfully undelivered services; fraud; manipulating ‘‘independent’’ audit information; selling clients irrelevant insurance and financial products (many of them in-house); failing to declare commissions; refusing to honour insurance contracts; rigging interest rate markets; and failing to make proper checks before granting loans.

The banks long argued the malfeasance was the result of ‘‘a few bad apples’’, a position that became untenable as bountiful evidence, much of it revealed by The Age, implicated the companies’ very culture.....

A measure of justice for an Australian tweeter

The win won’t eradicate the sustained personal stress or financial difficulties that such an unfair dismissal imposed – still it was pleasing see this tweeter's actions recognised as the right to freedom of political expression.

Hopefully Comcare will not be so bloody minded as to appeal the judgement,

The Sydney MorningHerald, 18 April 2018:

A  former Immigration official sacked over tweets critical of Australia's asylum seeker policy has won a fight for compensation, after an appeals tribunal found her dismissal was unlawful and described government efforts to restrict anonymous comments from its employees as Orwellian.

The decision on Monday will redirect scrutiny to the Immigration Department's dismissal of Michaela Banerji for tweeting criticisms of detention policies, and challenges Australian Public Service rules stopping public servants from expressing their political views on social media.

Ms Banerji took the government to the Administrative Appeals Tribunal after federal workplace insurer Comcare refused to compensate her for the psychological condition that developed after she was sacked in 2013 over tweets from a pseudonymous Twitter account.

The tribunal overturned Comcare's decision and found she suffered depression and anxiety that could be classed an injury under federal compensation laws.

Ms Banerji was working in the Immigration Department when co-workers learnt she was behind the tweets railing against the government's treatment of asylum seekers.

She lost a high-profile attempt to stop her dismissal in the Federal Circuit Court in 2013, a decision seen as likely to curtail other bureaucrats' use of social media when judge Warwick Neville found Australians had no "unfettered implied right (or freedom) of political expression".

In a case that Ms Banerji's lawyer Allan Anforth from Canberra Chambers said could have implications for other public and private sector employees, the AAT said Comcare's refusal was based on a dismissal that was unlawful because it intruded on her right to free political expression.

Her tweets, made from the Twitter handle @LaLegale, were anonymous and did not disclose confidential departmental information, but an internal investigation in 2012 found she had breached the code of conduct for government employees.

In a submission to the tribunal, Mr Anforth said the tweets were posted from her own phone and, in most cases, outside work hours.

The appeals tribunal found the Immigration Department itself had identified Ms Banerji after she posted anonymously, and said guidelines stopping public servants from publicly criticising the government should not be applied to anonymous comments.

"A comment made anonymously cannot rationally be used to draw conclusions about the professionalism or impartiality of the public service," it said.

"Such conclusions might conceivably be open if the comments were explicitly attributed to, say, an unnamed public servant, but that hypothetical situation does not apply to Ms Banerji."

The tribunal found Ms Banerji appeared to have taken care not to have used information which could only have been in her possession as an Immigration employee.

It lashed the government decision to sack her, saying it "impermissibly trespassed upon her implied freedom of political communication", and "with a law only weakly and imperfectly serving a legitimate public interest".

"The burden of the code on Ms Banerji’s freedom was indeed heavy – the exercise of the freedom cost her her employment.

"In our opinion, there is no significant justification available to the employer here for the law which exacted that cost."

Comcare is considering the tribunal's decision. The findings could be appealed in the full Federal Court…..

None of the financial institutions are coming away from this Royal Commission covered in glory

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017, is due to hand down an interim report no later than 30 September 2018 followed by a final report by 1 February 2019.

As of 13 April 2018 the royal commission has received 3,433 public submissions - 69% of these were Banking, 8% Superannuation 8% and 7% Financial Advice.

Round 2 public hearings finish on 27 April 2018.

View the live webcast or previous hearings.

Yesterday was the Commonwealth Bank of Australia's turn to reluctantly admit systemic fraud ....

The Guardian, 18 April 2018:

Counsel assisting the royal commission, Mark Costello, asked Linda Elkins, from CBA’s wealth management arm Colonial First State, to confirm CBA’s poor record of charging fees for no service.

“It would be the gold medallist if [the corporate regulator] was handing out medals for fees for no service, wouldn’t it?” Costello asked.

Elkins replied: “Yes.”

The commission was told that from July 2007 to June 2015 clients of CBA’s Commonwealth Financial Planning, BW Financial Planning and Count Financial businesses were routinely charged ongoing fees for financial advice where no advice services were provided.

CBA has had to refund $118.5m to customers – more than half the $219m in compensation paid by the big four banks and AMP over the past decade – to more than 310,000 financial advice customers.

ABC News, 18 April 2018:

Michael Hodge QC observes that Commonwealth Financial Planning has had a 100 per cent increase in clients over the past decade but a 25 per cent drop in the number of advisers.

He asks CBA's Marianne Perkovic whether the bank had any concerns that clients were not receiving adequate attention because of the decline in advisers, while client numbers doubled.

This is in the context of ASIC's concern that some firms were taking on too many clients for the number of planners. 

Ms Perkovic struggles to provide a clear answer.......

After disputing the meaning to be attributed to internal memos between the bank's senior managers in early 2012, Ms Perkovic eventually had to admit that a Deloitte report handed to CBA in July 2012 revealed systemic problems in ensuring that customers weren't being charged for financial advice they did not receive.

Deloitte had found that at least $700,000 in ongoing service fees were being charged to more than 1,050 clients that were allocated to more than 50 inactive financial planners who had left the business before 2012.

It appears that Ms Perkovic was finally ground down by relentless questioning from Michael Hodge QC, warnings from Commissioner Kenneth Hayne and the irrefutable evidence of the Deloitte report.