Australia’s banks are better managed than either the government or the parliament

Australia’s banks are better managed than either the government or the parliament, by Alan Kohler.

There’s a sad irony in the Prime Minister deciding to haul bank CEOs to Canberra to answer to parliamentarians: with a few exceptions, Australia’s banks are better managed than either the government or the parliament.

We should be so lucky that the country was as well run as the banks.

The CEO, Malcolm Turnbull, delivered what was to be a landmark economic presentation this week, as it happens in the midst of the annual round of corporate earnings presentations. He basically repeated some old slogans and said he hoped that the opposition would support some old cost-saving measures. At least he didn’t say it was the most exciting time to be an Australian.

The media coverage of his presentation focused on protesters; the content sank without much trace. The price of the stock (government bonds) fell. Life went on.