Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

Mm.

-let's say, or, you know, around the Hayne Royal Commission, I think, what was it? 2018, 2019.

It was similar circumstances which a lot of uncertainty and confidence really fell around that time.

If you're an agent at that time, we'll talk clients through about what tactics you used in a similar market, albeit, you know, seven years ago.

If you go back and think about the last few downturns, we had COVID, we had a lot of panic.

Before that, it was the Royal Commission into Banking, 1718.

Before that, it was a GFC.

Before that, it was the dot-com bubble of the early 2000s.

That was regulatory caps on investment lending through APRA.

Uh, Bank Royal Commission, '17 to '19, 8.2% drop, previously the largest decline in modern record keeping.

Uh, '22 to '23, post-pandemic rate hikes, RBA rapid cash increases from historic lows, 8.1% drop, nationally over nine months before supply shortage drove prices to new record highs.

And the current one here, uh, '26 to present, extended high interest rates, affordability, uh, ceilings, and shifting federal government tax policies.

And that was actually stopped when the – Back then, when the coalition unexpectedly won the election.

So if you think back to that time, we had the Banking Royal Commission.

APRA had just tightened the screws on investor lending.

So there was a lot of negative forces.

And then...

As soon as they won the election, negative gearing cuts are off the table.

Capital gains taxes, the Banking Royal Commission, which had been delivered, sort of disappeared in the background.

Nothing ever really came of it.

I've been here, GFC.

I've been here, Banking Royal Commission.

I've been here at the beginning of COVID.

So three times previously, because my business is 17 years old now, I've been through this and I've felt that.

Unfortunately, DBFO, there's no way of shaping those letters so that they say an illegible word.

But practically, the genesis of this delivering better financial outcomes legislation, the very genesis is the Hayne Royal Commission, which it blew my mind to learn was seven bloody years ago.

Yeah.

Feels like forever.

Yeah.

I mean, that was just a different time in everybody's lives.

So seven years ago, there was the Hayne Royal Commission, which brought out heaps of findings and conclusions about how the financial services sector, not just financial advice, lending, banking, all these different sectors should all change and evolve in order to more appropriately give Australians the service they deserve.

And Certainly in the financial advice sector, it has been like watching paint dry to watch any of this stuff actually come to fruition.

The corporations continue on in these franchises and it's very, very similar.

Like you think about the Banking Royal Commission where you have these sacrifices of CEOs and directors and then you have directors who are promoted who were part of the old practices and they're promoted to CEO and suddenly everything's all right.

kind of thing.

Horror says, uh-uh.