Ken Henry deserves to be remembered for a remarkable contribution to Australia including the GFC rescue package, not for a few hours of misjudgement at the Royal Commission, being true to form.
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The Royal Commission stoked the coals on financial advice fees and commissions, taking three days to learn trustees and management are severely conflicted by best interest responsibilities.
NAB’s latest announcement shows we are at a critical turning point with technology replacing jobs, and Australia lacks the political will to drive innovation and avoid declining living standards.
Subordinated debt issues are a less risky investment than capital notes and hybrids, but each transaction is different and not riskless. The current issue of NAB Subordinated Notes is just one example.