Outsider knows that the Treasurer, Josh Frydenberg is absolutely focused on implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
How committed? So committed that Treasury has committed 75% of its legislative capacity to the Royal Commission – an almost unprecedented level of focus when, clearly, the department has plenty else it should be doing.
It also represents a significant focus when it is considered that Treasury accounts for about a quarter of the Government’s entire legislative agenda in any one year.
Outsider knows this because under questioning in Senate Estimates last month, Treasury officials said that the 75% commitment to the Royal Commission recommendations implementation compared to a somewhat lesser commitment to the implementation of the Financial System Inquiry (FSI) recommendations.
Those same Treasury officials also revealed that those FSI recommendations, finalised in 2016, had still not not been fully implemented in 2019.
Outsider reckons notwithstanding the core policy objectives of the FSI it has clearly been trumped on the Government’s list of priorities.