Australians are learning daily of the full venality of a banking industry that has cheated customers, flouted regulators and created a market where nobody can be sure who is pocketing a hidden fee from their savings.
|The Australian Energy Market Commission report finds that |
consumer trust in the energy companies has fallen from
50 to 39 per cent in the last year.
The testimony at the banking royal commission has shamed an entire industry and jolted politicians into planning tougher measures, with a natural focus on one sector alone.
But are financial advisers the only ones who take a cut as they pass consumers through a byzantine industry? The energy business is making all the same mistakes – and building a political timebomb for whoever takes power in Canberra at the next election.
The two industries are closer than they look.
Read the opinion piece from today’s Age by David Crowe - “Everyone pays the energy price.”