ERROL PARKER | Editor-at-large | Contact
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is set to take the blame for causing the impending, unavoidable crash in property prices next year.
Damien Spoon, head of the Australian Bankers Association, has told journalists today in Sydney that everything was fine in the industry until the Royal Commission came along and exposed how they’ve been keeping the ship upright.
“What did they expect?” said Spoon.
“Did people honestly think that the everything in the banking and financial sector was above board? No! And they didn’t care. Just as long as we kept the economy chugging along and property prices growing, they didn’t care,”
“Now that the cat is out of the bag, they’ve ruined it. The responsibility for the upcoming downturn in the property market rests on the shoulders of the Royal Commission and they know it. They’ve ruined it for everybody.”
The Advocate reached out to the chair of the Royal Commission for comment but his police guard explained to our reporter that he’s currently not taking interviews.
More to come.
