“That was the sound of the pendulum swinging back – hard,” one well-placed regulatory source told Guardian Australia. “Everyone is saying Westpac in particular have been going a bit batshit crazy in Canberra and briefing anyone and everyone,” one regulatory source said. Another senior regulatory source said other financial services businesses also lobbied hard. A spokeswoman for the treasurer declined to comment on whether he had spoken to Westpac or the Asic chairman, James Shipton, about the responsible lending issue. “The treasurer regularly speaks with regulators, financial institutions, and large and small businesses about a range of issues within his portfolio,” she said.

Source: The Guardian October 02, 2019 18:00 UTC