Original article by Marnie Banger
News.com.au – Page: Online : 21-Nov-18
Reserve Bank governor Philip Lowe has stressed the importance of trust to the Australian economy and society. Lowe noted that the level of trust in banks has been damaged by the revelations of the financial services royal commission; he added that to restore trust, banks must take action of resolve conflict of interest issues, abolish poorly-designed incentive systems and ensure that there is accountability for misconduct. Lowe also said consumers need to be able to trust that their living standards will improve over time. In recent years, wages have increased in line with the inflation rate.
RESERVE BANK OF AUSTRALIA, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA