Why is it that the ‘bureaucracy’ in this country is failing us all so miserably?
For example, I keep hearing from the press and politicians that we need a ‘Royal Commission’ into the Banks. If this is true, is it because the bureaucrats have failed to do their job to enforce standards in the financial services industry?
We are all burdened with and pay for multiple layers of heavily duplicated, bloated, inefficient and costly bureaucracies that are responsible for monitoring the behaviour of financial institutions.
So why is it that the bureaucracy has failed to proactively protect consumers? Is it because they continually align themselves with Government as they blame ‘industry’ for their incompetence, even though ‘enforcement’ is the purpose of their existence?
If these reactive governmental ‘corporation police’ are responsible for the governance, compliance, licencing, protection, implementation and enforcement of legislation, then apparently their political masters don’t think they are doing a very good job.
I don’t know what the likes of the Australian Competition and Consumer Commission (ACCC), Australian Prudential Regulation Authority (APRA), Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) have been doing. Are these agencies so incompetent that a Royal Commission is warranted?
Perhaps a Royal Commission into the Banks might expose the bureaucrats for what they ‘are not’, although I doubt that would happen as it appears that the public sector’s inefficient and incompetent structure is by design, as governments choose to maintain the unsustainable practice of over-staffing and charitable employment policies, to reduce the official unemployment statistics, rather than be serious about proactively protecting consumers.
So a Royal Commission will achieve what? History has shown that recommendations from Government Inquiries or Royal Commissions are rarely adopted and mostly ignored by the politicians who appoint them in the first place.
In the final analysis, a Royal Commission is just another expensive exercise that allows politicians to be seen to be doing something without changing or achieving anything, other than further increasing the size of the bureaucracy.
Perhaps the real rort isn’t what banks do with shareholders’ money, but what the bureaucracy does with taxpayers’ funds! I don’t know anyone who thinks we are getting value for money.
Perhaps politicians should appoint a Royal Commissioner to have a look into the misappropriation and squandering of millions of dollars in public funds by the likes of APRA, ACCC, ATO and ASIC?
29th October 2016