Tall stories ahead at Banks RC
The first hearing of the Royal Commission into Misconduct in Banking will take place this morning, in Melbourne, at the hearing rooms of Fair Work Australia.There will be no witnesses today, with only the commissioner, Kenneth Hayne and the two senior counsel assisting the commission - Rowena Orr and Michael Borsky - expected to be heard.The commission on Friday published a "background paper" on "Some Features of the Australian Banking Industry". This paper surveys high level data on the number, business mix and profitability of firms operating in the financial sector.One take away from this 27 page document may be the colour and the length allocated to the final section on agricultural financing."There is limited publicly available information on defaults and/or appointments of external administrators to agricultural businesses," the paper observes."Information from ASIC suggests that in the financial year ending 30 June 2016, there were 165 initial external administrators' reports for the agriculture, forestry and fishing industry (1.7 per cent of all reports)," it says.It adds: "As there is currently no national farm debt mediation scheme, information on the number of farm debt mediations conducted has been presented for the two largest Australian States, New South Wales and Victoria, both of which have legislated farm debt mediation schemes. "Queensland's legislated farm debt mediation scheme commenced on 1 July 2017."The farm debt mediation schemes in these three Australian States have been estimated by the Australian Bureau of Agricultural and Resource Economics and Sciences to collectively cover approximately 77 per cent of Australia's farm businesses."The commissioner will not hear or determine any applications for leave to appear at this morning's hearing. No hearing schedule (beyond today) has been published either.