During the GFC, some Australian banks were found to have taken part in the slicing and dicing of US subprime mortgages. As it turned out, the major Australian banks did have enough strength to stave off the crisis which hit other global banks. The Banking Royal Commission has now revealed not all is well in the Australian banking sector - highlighting some of the most evil practices undertaken by those in the industry. Australian Prime Minister Malcolm Turnbull says in hindsight it would have been better for the Government to have set up a banking royal commission two years ago. Prime Minister Jacinda Ardern has not ruled out launching an inquiry into the New Zealand banking system.

Source: Otago Daily Times April 26, 2018 17:15 UTC