Change the hostile banking regulations that are crushing the Australian dream

Change the hostile banking regulations that are crushing the Australian dream

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The Australian dream is being crushed by the hostile, malevolent and ill-conceived lending standards being imposed by the financial regulators ASIC and APRA. Banks are too scared to reasonabily extend credit to otherwise credit worthy borrowers, not because of the commercial risks involved, but out of fear of getting prosecuted by the regulators, spurred on by the populist media, who are out on a witch hunt for misconduct. 

The banks are not their customer's financial nannies, any reasonable person knows that in order to apply for a large loan such as a mortgage you should have a good understanding of how to manage money and how to control costs. The very few that don't and have therefore failed in whatever venture they borrowed money in the first place are blaming the banks for lending money to them. Every adult knows that we should be responsible for our own actions. However, the revised "responsible lending" regulations turns this benign philosophy on its head, people are no longer responsible for their mistakes, it's the banks who have supported them by extending credit that is deemed ultimately responsible. This will lead to the obvious outcome that banks will be disincentivised to support borrowers, beyond the point of the usual risk-reward consideration. For the regulators to support such ludicrousy is an attack on logic and reason. 

The Aussie dream is one of home ownership, and home ownership is based on credit. If you unreasonably restrict people's ability to borrow money, you take away their right to have the same opportunities as those who have already benefited from easily available credit. Australia is statistically the safest economy in the world, since we have had the longest running recession free growth, 28 years to be exact. This longevity is in a large part due to having a free and fair financial services industry that supports home ownership and business ventures that creates wealth for everyday Australians. Take away people's ability to access credit and you take away the Australian dream, it's simple as that.

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