114-780: The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry , also known as the Banking Royal Commission and the Hayne Royal Commission , was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation , and financial services industry. The establishment of
228-413: A commission of inquiry . Such an inquiry has considerable powers, typically equivalent or greater than those of a judge but restricted to the terms of reference for which it was created. These powers may include subpoenaing witnesses, notably video evidences, taking evidence under oath and requesting documents. The commission is created by the head of state (the sovereign, or their representative in
342-443: A "civil way of life". Commentators disagree about how much the two works agree with each other, as Machiavelli frequently refers to leaders of republics as "princes". Machiavelli even sometimes acts as an advisor to tyrants . Other scholars have pointed out the aggrandizing and imperialistic features of Machiavelli's republic. Nevertheless, it became one of the central texts of modern republicanism , and has often been argued to be
456-607: A character to rule, who will inevitably attempt to replace the ruler. Machiavelli has become infamous for such political advice, ensuring that he would be remembered in history through the adjective "Machiavellian". Due to the treatise's controversial analysis on politics, the Catholic Church banned The Prince , putting it on the Index Librorum Prohibitorum . Humanists , including Erasmus ( c. 1466 – 1536), also viewed
570-470: A city, which he felt was a key to understanding its later development. Moreover, he studied the way people lived and aimed to inform leaders how they should rule and even how they themselves should live. Machiavelli denies the classical opinion that living virtuously always leads to happiness. For example, Machiavelli viewed misery as "one of the vices that enables a prince to rule." Machiavelli stated that "it would be best to be both loved and feared. But since
684-500: A conflict of interest. In mid-April 2018, the second round of hearings, focused on the financial planning and wealth management industry commenced. During this round, on 20 April 2018 Craig Meller resigned as CEO of AMP Limited after it was revealed in a public hearing before the Royal Commission that AMP charged clients for financial advice which was not provided, and misled ASIC on numerous occasions. In August 2018 it
798-476: A few cases—compelling all government officials to aid in the execution of the commission. The results of royal commissions are published in reports, often massive, of findings containing policy recommendations. Due to the verbose nature of the titles of these formal documents they are commonly known by the name of the commission's chair. For example, the “Royal Commission into whether there has been corrupt or criminal conduct by any Western Australian Police Officer”
912-504: A few consistently made proposals concerning what was most new in Machiavelli's work. Machiavelli is sometimes seen as the prototype of a modern empirical scientist, building generalizations from experience and historical facts, and emphasizing the uselessness of theorizing with the imagination. He emancipated politics from theology and moral philosophy. He undertook to describe simply what rulers actually did and thus anticipated what
1026-664: A final report to the Governor-General on 1 February 2019 with 76 separate recommendations. The final report and the government's response to the report were made public on 4 February 2019. In 2008, a whistleblower went to ASIC to report a coverup in the Commonwealth Bank of Australia for a former financial planner. Michelle Grattan characterised the then-incoming Abbott Liberal-National government as being "determined to weaken protections" that Labor had introduced, although she noted these attempts were defeated by
1140-807: A former senior Australian public servant , was commissioned to conduct a review into bankers' pay and commissions; and recommended the termination of bonus payments to retail bank employees that are linked to sales performance. In March 2017 ASIC handed down a report on financial advice compliance in the sector; and in September 2017 the Turnbull government introduced legislation to establish the Australian Financial Complaints Authority, an external dispute resolution body aimed to simplify how customers resolve complaints with bank and other financial services organisations. Over
1254-561: A high priority on consistency. Others such as Hans Baron have argued that his ideas must have changed dramatically over time. Some have argued that his conclusions are best understood as a product of his times, experiences and education. Others, such as Leo Strauss and Harvey Mansfield , have argued strongly that there is a strong and deliberate consistency and distinctness, even arguing that this extends to all of Machiavelli's works including his comedies and letters. Commentators such as Leo Strauss have gone so far as to name Machiavelli as
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#17327832223651368-492: A man control more of his future, in the place of allowing fortune to do so. Najemy (1993) has argued that this same approach can be found in Machiavelli's approach to love and desire, as seen in his comedies and correspondence. Najemy shows how Machiavelli's friend Vettori argued against Machiavelli and cited a more traditional understanding of fortune. On the other hand, humanism in Machiavelli's time meant that classical pre-Christian ideas about virtue and prudence, including
1482-501: A more comprehensive work than The Prince . Major commentary on Machiavelli's work has focused on two issues: how unified and philosophical his work is and how innovative or traditional it is. There is some disagreement concerning how best to describe the unifying themes, if there are any, that can be found in Machiavelli's works, especially in the two major political works, The Prince and Discourses . Some commentators have described him as inconsistent, and perhaps as not even putting
1596-414: A potential misstatement of some loans in loan documentation. Now, what I want to put to you is that NAB knows and you know that there were unsuitable loans, there was false documentation, there was dishonest application of customers' signatures on consent forms and there was the misstatement of some loans in loan documentation. All of those things occurred, did they not?" NAB's Mark Waldron agreed that conduct
1710-493: A royal commission into the fraud scandal that left thousands of CBA customers millions of dollars out of pocket. The committee reported on the performance of the Australian Securities and Investments Commission (ASIC). Several days later, CBA chief executive Ian Narev apologised unreservedly to customers who lost money in the bank's financial planning scandal. Treasurer at the time, Joe Hockey , whose mother
1824-593: A royal commission, supported the terms of reference; however the Association's CEO, Anna Bligh warned that the commission could push up interest rates. As revelations of misconduct came to light during the hearings, political pressure was exerted on the Turnbull government, due to beliefs that it had delayed the establishment of the Royal Commission; and Mathias Cormann , the Finance Minister, indicated that if Commissioner Hayne sought more time to extend
1938-580: A royal commission. The royal commission was established on 14 December 2017. On 14 December 2017, the Governor-General Sir Peter Cosgrove issued Commonwealth letters patent appointing the commissioner and the commission's terms of reference . The commissioner was directed "to inquire into and report on misconduct in the banking, superannuation and financial services industry." It was due to table its final report on 1 February 2019, which had been noted to be not long before
2052-810: A royal commission; as well as CBA whistleblower, Jeff Morris, who, for eight years, since 2008, documented the industry's "systemic bad behaviour". Despite an attempt launched in April 2016 to protect consumer interests, increase transparency and accountability, and build trust and confidence in banks, amidst growing community concerns, in January 2017 twenty-five members of the Australian Banking Association launched Better Banking , an initiative aimed to provide improve products, service and culture, and to provide consumers with helpful information and resources. In April 2016 Steve Sedgwick AO ,
2166-519: A series of lessons on how a republic should be started and structured. It is a larger work than The Prince , and while it more openly explains the advantages of republics, it also contains many similar themes from his other works. For example, Machiavelli has noted that to save a republic from corruption, it is necessary to return it to a "kingly state" using violent means. He excuses Romulus for murdering his brother Remus and co-ruler Titus Tatius to gain absolute power for himself in that he established
2280-529: A sign of major innovation in Machiavelli, because classical materialists did not share the Socratic regard for political life, while Machiavelli clearly did. Thucydides Some scholars note the similarity between Machiavelli and the Greek historian Thucydides , since both emphasized power politics . Strauss argued that Machiavelli may indeed have been influenced by pre-Socratic philosophers , but he felt it
2394-578: A stomach ailment at the age of 58 after receiving his last rites . He was buried at the Church of Santa Croce in Florence. In 1789 George Nassau Clavering , and Pietro Leopoldo, Grand Duke of Tuscany , initiated the construction of a monument on Machiavelli's tomb. It was sculpted by Innocenzo Spinazzi , with an epitaph by Doctor Ferroni inscribed on it. Machiavelli's best-known book Il Principe contains several maxims concerning politics. Instead of
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#17327832223652508-503: A student of Socrates more known as a historian, rhetorician and soldier, was a major source of Socratic ideas for Machiavelli, sometimes not in line with Aristotle. While interest in Plato was increasing in Florence during Machiavelli's lifetime, Machiavelli does not show particular interest in him, but was indirectly influenced by his readings of authors such as Polybius , Plutarch and Cicero . The major difference between Machiavelli and
2622-401: A well-known correspondence with more politically connected friends, attempting to become involved once again in political life. In a letter to Francesco Vettori , he described his experience: When evening comes, I go back home, and go to my study. On the threshold, I take off my work clothes, covered in mud and filth, and I put on the clothes an ambassador would wear. Decently dressed, I enter
2736-407: A wide range of influences is in itself not controversial. Their relative importance is however a subject of ongoing discussion. It is possible to summarize some of the main influences emphasized by different commentators. The Mirror of Princes genre Gilbert (1938) summarized the similarities between The Prince and the genre it obviously imitates, the so-called " Mirror of Princes " style. This
2850-653: A ‘community benefit payment’, but the amount was far less than the penalty that ASIC could properly have asked a court to impose. In responding to the issue of 'what now', the Commissioner opined that: Royal commission A royal commission is a major ad-hoc formal public inquiry into a defined issue in some monarchies . They have been held in the United Kingdom , Australia , Canada , New Zealand , Norway , Malaysia , Mauritius and Saudi Arabia . In republics an equivalent entity may be termed
2964-422: Is a large industry, large participants, lots of people. Things go wrong. It's a human system, therefore things go wrong. Sometimes things go wrong through dishonesty. Sometimes things go wrong because of neglect, carelessness, or just sheer coincidence. I understand all of that. There is a whole raft of law up there governing this industry. One thing that I may have to look at, I think, is what the attitude, either of
3078-643: Is known as a Parliamentary Commission of Inquiry. Royal commissions are the highest form of inquiry on matters of public importance. A royal commission is formally established by the Governor-General on behalf of the Crown and on the advice of government Ministers. The government decides the terms of reference, provides the funding and appoints the commissioners, who are selected on the basis of their independence and qualifications. They are never serving politicians. Royal commissions are usually chaired by one or more notable figures. Because of their quasi-judicial powers
3192-619: Is known as the Kennedy Royal Commission . While these reports are often quite influential, with the government enacting some or all recommendations into law, the work of some commissions have been almost completely ignored by the government. In other cases, where the commissioner has departed from the Warranted terms, the commission has been dissolved by a superior court. Niccol%C3%B2 Machiavelli Niccolò di Bernardo dei Machiavelli (3 May 1469 – 21 June 1527)
3306-425: Is simply a "realist" or "pragmatist" who accurately states that moral values, in reality, do not greatly affect the decisions that political leaders make. German philosopher Ernst Cassirer (1946) held that Machiavelli simply adopts the stance of a political scientist – a Galileo of politics – in distinguishing between the "facts" of political life and the "values" of moral judgment. On
3420-519: The Realpolitik of figures such as Otto von Bismarck . Machiavelli was born in Florence , Italy, the third child and first son of attorney Bernardo di Niccolò Machiavelli and his wife, Bartolomea di Stefano Nelli, on 3 May 1469. The Machiavelli family is believed to be descended from the old marquesses of Tuscany and to have produced thirteen Florentine Gonfalonieres of Justice , one of
3534-689: The 2019 Australian federal election . The creation of the Royal Commission was supported by the Opposition leader, Bill Shorten ; however, opposition treasury spokesperson, Chris Bowen , stated that Labor disagreed with the terms of reference and wanted the Government to consult with consumer groups and those impacted by financial scandals. Meanwhile, the Greens sought to widen the commission's terms of reference. The Australian Banking Association, and some of its members, who initially opposed calls for
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry - Misplaced Pages Continue
3648-585: The Federal Court alleging that NAB-owned superannuation entities had deducted $ 100 million in fees from more than 300,000 customers where services were not provided. Appearing before the Royal Commission in November 2018, NAB Chief Executive Officer Andrew Thorburn defended the fees-for-no-service issue as a "process issue" rather than dishonesty. Days earlier, NAB Chairman and former Secretary of The Treasury Ken Henry defensively appeared before
3762-617: The Florentine Republic with responsibilities in diplomatic and military affairs. He wrote comedies, carnival songs, and poetry. His personal correspondence is also important to historians and scholars of Italian correspondence. He worked as secretary to the second chancery of the Republic of Florence from 1498 to 1512, when the Medici were out of power. After his death Machiavelli's name came to evoke unscrupulous acts of
3876-579: The House of Representatives Standing Committee on Economics, chief executives of the ANZ, CBA, NAB, and Westpac advised that, despite consumer complaints, very few senior bank staff were dismissed due to misconduct; despite supervising more junior staff who had been dismissed. In June 2015, Greens senator Peter Whish-Wilson put forward a motion for the Abbott government to hold a royal commission into misconduct in
3990-459: The "deliberate purpose of dealing with a new ruler who will need to establish himself in defiance of custom". Normally, these types of works were addressed only to hereditary princes. (Xenophon is also an exception in this regard.) Classical republicanism Commentators such as Quentin Skinner and J.G.A. Pocock , in the so-called "Cambridge School" of interpretation, have asserted that some of
4104-461: The CBA was "economical with the truth" in failing to tell customers the value of commissions it pays to mortgage brokers in return for selling its products. The Royal Commission also heard that due to a system of trailing commissions paid to mortgage brokers, the CBA rewarded brokers for encouraging customers to enter into larger homes loans and for longer terms than needed. The Royal Commission heard that
4218-559: The CBA-owned Aussie Home Loans retained commissions where broker agreements were terminated following detection of alleged fraudulent activity; and that it failed to refer such brokers to the industry association for disciplinary action. [NAB]...acknowledged it had engaged in misconduct and conduct falling below community standards and expectations in relation to home lending, credit cards, personal loans and processing or administration errors. However, when queried on
4332-473: The Church had come to accept, allowed practical decisions to be guided too much by imaginary ideals and encouraged people to lazily leave events up to providence or, as he would put it, chance, luck or fortune. While Christianity sees modesty as a virtue and pride as sinful, Machiavelli took a more classical position, seeing ambition, spiritedness, and the pursuit of glory as good and natural things, and part of
4446-680: The Commission at a specified place and time. A person served with a summons or a notice to produce documents must comply with that requirement, or face prosecution for an offence. The penalty for conviction upon such an offence is two years imprisonment. A Royal Commission may authorise the Australian Federal Police to execute search warrants . The Commission invited individuals or entities to make public submissions using an online form, with provision for those who require further assistance via email or telephone. The purpose of
4560-473: The Commissioner noted that some (mis)conduct by financial services entities was known to regulators and that the commission had also unearthed other conduct that brought public condemnation. The interim report focused on two key issues; why did it happen, and what can be done to avoid it happening again? In responding to the issue of 'why', the Commissioner determined that: .....the answer seem(ed) to be greed – the pursuit of short term profit at
4674-564: The Florentine Republic on diplomatic visits to France, Germany, and elsewhere in Italy. Despairing of the opportunity to remain directly involved in political matters, after a time he began to participate in intellectual groups in Florence and wrote several plays that (unlike his works on political theory) were both popular and widely known in his lifetime. Politics remained his main passion, and to satisfy this interest, he maintained
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4788-613: The Great and Theseus (he treated pagan and Christian patriarchs in the same way) as the greatest of new princes, the glorious and brutal founders of the most novel innovations in politics, and men whom Machiavelli assures us have always used a large amount of armed force and murder against their own people. He estimated that these sects last from 1,666 to 3,000 years each time, which, as pointed out by Leo Strauss, would mean that Christianity became due to start finishing about 150 years after Machiavelli. Machiavelli's concern with Christianity as
4902-633: The Greens and Senate crossbench parties. Nationals Senator Barry O'Sullivan , and LNP MPs George Christensen and Llew O'Brien , together with the Greens, Labor, and Senate crossbench parties, had enough numbers to force the Turnbull government's opposition to a royal commission. In the 2017 federal budget , the Turnbull government proposed the introduction of a bank tax (or levy) that applied to banks with liabilities of at least $ 100 billion . The levy came into effect on 1 July 2017. With political pressure mounting, on 30 November 2017 Turnbull and his Treasurer, Scott Morrison , announced plans for
5016-760: The Royal Commission, with some tense exchanges between Henry and Orr. The third round of hearings commenced in mid-May 2018 and was focused on small and medium enterprises. Implications: SMEs are now looking towards other sources of finance; shadow lenders, private loans, bonds etc. The commission has also brought about changes in the provision of lending under the new industry code and granted ASIC new enforceable code of provisions. In July, proceedings moved to Darwin to examine financial services, particularly funeral insurance , and how they impacted on Indigenous communities. The Royal Commission did not consider consumer leases, payday loans or in-store credit arrangements' impacts on Indigenous communities because they are not within
5130-486: The Royal Commission: ANZ ... acknowledged that it had engaged in misconduct and conduct falling short of community standards expectations relating to home loans, credit cards, processing errors and car finance. The Royal Commission heard that ANZ had failed to accurately verify the living expenses of home loan customers referred to the bank by mortgage brokers, believing that this was the responsibility of
5244-549: The Senate crossbench. In light of an account fraud scandal at US-bank Wells Fargo , on 5 May 2014 ABC TV Four Corners , in conjunction with Fairfax journalists, broadcast an exposé of a sales-driven culture within the Commonwealth Bank 's (CBA) financial planning division, that was described as profit at all cost. Chaired by Labor Senator Mark Bishop , a subsequent Senate committee inquiry recommended
5358-706: The Socratics, according to Strauss, is Machiavelli's materialism, and therefore his rejection of both a teleological view of nature and of the view that philosophy is higher than politics. With their teleological understanding of things, Socratics argued that by nature, everything that acts, acts towards some end, as if nature desired them, but Machiavelli claimed that such things happen by blind chance or human action. Classical materialism Strauss argued that Machiavelli may have seen himself as influenced by some ideas from classical materialists such as Democritus , Epicurus and Lucretius . Strauss however sees this also as
5472-421: The advent of new technologies being invented in both good and bad governments. Strauss argued that the unavoidable nature of such arms races, which existed before modern times and led to the collapse of peaceful civilizations, show that classical-minded men "had to admit in other words that in an important respect the good city has to take its bearings by the practice of bad cities or that the bad impose their law on
5586-432: The advice – tyrants or good rulers. That Machiavelli strove for realism is not doubted, but for four centuries scholars have debated how best to describe his morality. The Prince made the word Machiavellian a byword for deceit, despotism, and political manipulation. Leo Strauss declared himself inclined toward the traditional view that Machiavelli was self-consciously a "teacher of evil", since he counsels
5700-460: The ancient courts of rulers who have long since died. There, I am warmly welcomed, and I feed on the only food I find nourishing and was born to savour. I am not ashamed to talk to them and ask them to explain their actions and they, out of kindness, answer me. Four hours go by without my feeling any anxiety. I forget every worry. I am no longer afraid of poverty or frightened of death. I live entirely through them. Machiavelli died on 21 June 1527 from
5814-448: The average life expectancy of an Indigenous male in the NT is 63.6 years. To address barriers to financial literacy barriers, the Royal Commission recommended training Indigenous financial counsellors.They can spend time in remote communities, educating Aboriginal and Torres Strait Islander people about financial services and advisory. This initiative aims to empower Indigenous communities with
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#17327832223655928-416: The bank. The ANZ Bank (ANZ) was also implicated in the bank bill swap rate scandal and settled with ASIC prior to the commencement of legal proceedings. Macquarie Bank was implicated in the foreign exchange trading scandal and was instructed to donate $ 2 million to charity and to open up its foreign exchange arm to scrutiny after ASIC uncovered a series of breaches by its traders. Appearing before
6042-419: The book negatively. As a treatise, its primary intellectual contribution to the history of political thought is the fundamental break between political realism and political idealism , due to it being a manual on acquiring and keeping political power. In contrast with Plato and Aristotle , Machiavelli insisted that an imaginary ideal society is not a model by which a prince should orient himself. Concerning
6156-645: The brands [of Westpac, St George Bank , Bank of Melbourne and RAMS] it ... engaged in actual or potential misconduct and conduct falling below community standards and expectations relating to home lending, credit cards, car loans, add-on insurance, processing or administration errors and unsolicited offers of credit. The Commission heard that, similar to ANZ, Westpac believed that it was not its responsibility to verify loan applicants' personal expenses, with this responsibility resting with brokers, especially for car loans originated by motor vehicle dealers acting as brokers; and that financial kickbacks to car dealers reflected
6270-530: The brokers, in spite of a conflict of interest in doing so; and that, due to processing issues, it had charged nearly 500,000 home loan customers the incorrect interest rate for more than ten years, leading the bank to overcharge customers by approximately $ 90 million. CBA acknowledged that it had engaged in misconduct in limited respects.... in conduct falling below community standards and expectations in relation to add-on insurance, responsible lending and offers of credit. Commissioner Hayne questioned whether
6384-743: The city for a year. In 1513, the Medici accused him of conspiracy against them and had him imprisoned. Despite being subjected to torture (" with the rope ", in which the prisoner is hanged from his bound wrists from the back, forcing the arms to bear the body's weight and dislocating the shoulders), he denied involvement and was released after three weeks. Machiavelli then retired to his farm estate at Sant'Andrea in Percussina , near San Casciano in Val di Pesa , where he devoted himself to studying and writing political treatises. During this period, he represented
6498-575: The commission followed revelations in the media of a culture of greed within several Australian financial institutions. A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities, and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities and impropriety in foreign exchange trading. The Honourable Kenneth Madison Hayne AC KC ,
6612-491: The commissioners are often retired or serving judges. They usually involve research into an issue, consultations with experts both within and outside government and public consultations as well. The warrant may grant immense investigatory powers, including summoning witnesses under oath , offering of indemnities, seizing of documents and other evidence (sometimes including those normally protected, such as classified information ), holding hearings in camera if necessary and—in
6726-458: The deliberate originator of modernity itself. Others have argued that Machiavelli is only a particularly interesting example of trends which were happening around him. In any case, Machiavelli presented himself at various times as someone reminding Italians of the old virtues of the Romans and Greeks, and other times as someone promoting a completely new approach to politics. That Machiavelli had
6840-519: The differences and similarities in Machiavelli's advice to ruthless and tyrannical princes in The Prince and his more republican exhortations in Discourses on Livy , a few commentators assert that The Prince , although written as advice for a monarchical prince, contains arguments for the superiority of republican regimes, similar to those found in the Discourses . In the 18th century, the work
6954-475: The enabling legislation, the Royal Commissions Act 1902. Royal Commissions, appointed pursuant to the Royal Commissions Act or otherwise, have powers to issue a summons to a person to appear before the Commission at a hearing to give evidence or to produce documents specified in the summons; require witnesses to take an oath or give an affirmation; and require a person to deliver documents to
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#17327832223657068-615: The exhortations in his other works of political philosophy. While less well known than The Prince , the Discourses on Livy (composed c. 1517 ) has been said to have paved the way for modern republicanism . His works were a major influence on Enlightenment authors who revived interest in classical republicanism , such as Jean-Jacques Rousseau and James Harrington . Machiavelli's political realism has continued to influence generations of academics and politicians, including Hannah Arendt , and his approach has been compared to
7182-496: The expense of basic standards of honesty..... From the executive suite to the front line, staff were measured and rewarded by reference to profit and sales..... When misconduct was revealed, it either went unpunished or the consequences did not meet the seriousness of what had been done. The conduct regulator, ASIC, rarely went to court to seek public denunciation of and punishment for misconduct. The prudential regulator, APRA, never went to court. Much more often than not, when misconduct
7296-553: The fact these are ideas that are at least on the table. The first round of public hearings commenced on 13 March, and these were focused on consumer lending practices within the context of credit products such as home loans, car loans and credit cards. Over fourteen days, the Royal Commission heard from executives from ANZ Bank, APRA, ASIC, Aussie Home Loans , Citigroup , Commonwealth Bank, the Finance Sector Union , ING Bank , NAB, Smartline HomeLoans and Westpac. Before
7410-476: The financial services industry. The motion was voted down in the Senate 39–14, with Labor and the government opposing it. In a 2016 speech before the National Press Club , opposition leader Bill Shorten outlined his plans for a royal commission into the banking sector, should Labor win government at the 2016 federal election . Meanwhile, Liberals Warren Entsch MP also supported calls for
7524-533: The form of a governor-general or governor) on the advice of the government and formally appointed by letters patent . In practice—unlike lesser forms of inquiry—once a commission has started the government cannot stop it. Consequently, governments are usually very careful about framing the terms of reference and generally include in them a date by which the commission must finish. Royal commissions are called to look into matters of great importance and usually controversy. These can be matters such as government structure,
7638-553: The former Justice of the High Court of Australia , served as the sole commissioner and submitted an interim report to the Governor-General of Australia on 28 September 2018, which was tabled in parliament by the Government on the same day. The Royal Commission conducted seven rounds of public hearings over 68 days, called more than 130 witnesses and reviewed over 10,000 public submissions. Commissioner Hayne submitted
7752-1054: The founding of new modes and orders. His advice to princes was therefore certainly not limited to discussing how to maintain a state. It has been argued that Machiavelli's promotion of innovation led directly to the argument for progress as an aim of politics and civilization . But while a belief that humanity can control its own future, control nature, and "progress" has been long-lasting, Machiavelli's followers, starting with his own friend Guicciardini , have tended to prefer peaceful progress through economic development, and not warlike progress. As Harvey Mansfield (1995 , p. 74) wrote: "In attempting other, more regular and scientific modes of overcoming fortune, Machiavelli's successors formalized and emasculated his notion of virtue." Machiavelli however, along with some of his classical predecessors, saw ambition and spiritedness, and therefore war, as inevitable and part of human nature . Strauss concludes his 1958 book Thoughts on Machiavelli by proposing that this promotion of progress leads directly to
7866-460: The good". Strauss (1958 , pp. 298–299) Machiavelli shows repeatedly that he saw religion as man-made, and that the value of religion lies in its contribution to social order and the rules of morality must be dispensed with if security requires it. In The Prince , the Discourses and in the Life of Castruccio Castracani he describes "prophets", as he calls them, like Moses , Romulus , Cyrus
7980-463: The industry generally, if there were such a thing, participants in the industry, is to the notion of obedience to the law. Obedience to the law that governs the way they conduct their affairs. There may be a difference – I don't say there is – there may be a difference between a breakdown in controls and an acknowledgment of breach of law. Treat that as the soliloquy it undoubtedly is, Mr Waldron, or deal with it as you wish. But I don't want people ignoring
8094-466: The knowledge and skills necessary to navigate the financial system, reducing their vulnerability to financial misconduct and exploitation On 28 September 2018 Commissioner Hayne submitted an interim report on progress of the commission to the Governor-General. The interim report, together with a volume each of case studies and appendices was tabled in Parliament on the same day. In its interim report,
8208-486: The late Middle Ages . It existed both in the Catholicised form presented by Thomas Aquinas , and in the more controversial " Averroist " form of authors like Marsilius of Padua . Machiavelli was critical of Catholic political thinking and may have been influenced by Averroism. But he rarely cites Plato and Aristotle, and most likely did not approve of them. Leo Strauss argued that the strong influence of Xenophon ,
8322-402: The leaders were banished from the city, a strategy which Machiavelli had favoured from the outset. From 1502 to 1503, he witnessed the brutal reality of the state-building methods of Cesare Borgia (1475–1507) and his father, Pope Alexander VI , who were then engaged in the process of trying to bring a large part of central Italy under their possession. The pretext of defending Church interests
8436-467: The leading matters related to personal finance , superannuation , and small business finance . The commissioner identified a number of themes, as follows: Initial proceedings commenced on 12 February 2018. Key comments made by the Commissioner during this hearing and elsewhere include: A part of what I've got to do eventually, I think, may be to assess what ADIs and other financial service entities have made of complaints and revelations. The industry
8550-500: The life of the Royal Commission, the government would respond positively. On 1 December 2017 Turnbull announced the appointment of Kenneth Hayne as the sole commissioner for the royal commission. Commissioner Hayne subsequently announced that he would be assisted by legal counsel including Rowena Orr KC , Michael Hodge, Albert Dinelli, Eloise Dias, and Mark Costello. The powers of Royal Commissions in Australia are set out in
8664-507: The matter by Counsel Assisting that "...there was fraudulent conduct engaged in by NAB bankers and by introducers... We see no reference here to any fraudulent conduct. In fact the language is very qualified in the description of the conduct here... the conduct was in breach of the group's policies and processes including provision of potentially unsuitable loans, reliance on potentially false documentation, use of correct income figures, potentially dishonest application of customers' signatures, and
8778-441: The more traditional target audience of a hereditary prince, it concentrates on the possibility of a "new prince". To retain power, the hereditary prince must carefully balance the interests of a variety of institutions to which the people are accustomed. By contrast, a new prince has the more difficult task in ruling: He must first stabilise his newfound power in order to build an enduring political structure. Machiavelli suggests that
8892-445: The noble is destroyed by the base. Therefore Thucydides' History arouses in the reader a sadness which is never aroused by Machiavelli's books. In Machiavelli we find comedies, parodies, and satires but nothing reminding of tragedy. One half of humanity remains outside of his thought. There is no tragedy in Machiavelli because he has no sense of the sacredness of "the common". – Strauss (1958 , p. 292) Amongst commentators, there are
9006-477: The offices of a group of nine citizens selected by drawing lots every two months and who formed the government, or Signoria ; he was never, though, a full citizen of Florence because of the nature of Florentine citizenship in that time even under the republican regime. Machiavelli married Marietta Corsini in 1501. They had seven children, five sons and two daughters: Primerana, Bernardo, Lodovico, Guido, Piero [ it ] , Baccina and Totto. Machiavelli
9120-419: The other hand, Walter Russell Mead has argued that The Prince ' s advice presupposes the importance of ideas like legitimacy in making changes to the political system. Machiavelli is generally seen as being critical of Christianity as it existed in his time, specifically its effect upon politics, and also everyday life. In his opinion, Christianity, along with the teleological Aristotelianism that
9234-423: The possibility of trying to control one's future, were not unique to him. But humanists did not go so far as to promote the extra glory of deliberately aiming to establish a new state, in defiance of traditions and laws. While Machiavelli's approach had classical precedents, it has been argued that it did more than just bring back old ideas and that Machiavelli was not a typical humanist. Strauss (1958) argues that
9348-533: The preceding years, there had been widespread criticism of ASIC's activities as a regulatory body, including its supervision of banks. In late 2017, as a backlash against the legalisation of same sex marriage , the Nationals threatened to introduce a private member's bill calling for a commission of inquiry into the banking system. It was reported that the bill would be co-sponsored by the Nationals, Labor ,
9462-427: The princes to avoid the values of justice, mercy, temperance, wisdom, and love of their people in preference to the use of cruelty, violence, fear, and deception. Strauss takes up this opinion because he asserted that failure to accept the traditional opinion misses the "intrepidity of his thought" and "the graceful subtlety of his speech". Italian anti-fascist philosopher Benedetto Croce (1925) concludes Machiavelli
9576-415: The republican themes in Machiavelli's political works, particularly the Discourses on Livy , can be found in medieval Italian literature which was influenced by classical authors such as Sallust . Classical political philosophy: Xenophon, Plato and Aristotle The Socratic school of classical political philosophy, especially Aristotle , had become a major influence upon European political thinking in
9690-423: The saying, often attributed to interpretations of The Prince , " The ends justify the means ". Fraud and deceit are held by Machiavelli as necessary for a prince to use. Violence may be necessary for the successful stabilization of power and introduction of new political institutions. Force may be used to eliminate political rivals, destroy resistant populations, and purge the community of other men strong enough of
9804-598: The second chancery, a medieval writing office that put Machiavelli in charge of the production of official Florentine government documents. Shortly thereafter, he was also made the secretary of the Dieci di Libertà e Pace . In the first decade of the sixteenth century, he carried out several diplomatic missions, most notably to the papacy in Rome. Florence sent him to Pistoia to pacify the leaders of two opposing factions which had broken into riots in 1501 and 1502; when this failed,
9918-403: The social benefits of stability and security can be achieved in the face of moral corruption. Machiavelli believed that public and private morality had to be understood as two different things in order to rule well. As a result, a ruler must be concerned not only with reputation, but also must be positively willing to act unscrupulously at the right times. Machiavelli believed that, for a ruler, it
10032-466: The sort he advised most famously in his work, The Prince . He claimed that his experience and reading of history showed him that politics has always involved deception, treachery, and crime. He advised rulers to do likewise when political necessity requires it, and argued specifically that successful reformers of states should not be blamed for killing other leaders who could block change. Machiavelli's Prince has been surrounded by controversy since it
10146-532: The submissions was to identify the nature of alleged misconduct, the factors that led to the misconduct occurring, and the steps taken to resolve the complaint and the outcomes of the complaint. The role of the commission was not to resolve individual complaints, yet to come to an understanding of the systematic failures that may have led to the complaint occurring. The Royal Commission conducted seven rounds of public hearings over 68 days, called more than 130 witnesses and reviewed over 10,000 public submissions of which
10260-411: The terms of reference. The discrepancy between average life expectancy of an Indigenous individuals and non-indigenous, highlights a flaw in the superannuation system, where essentially individuals are restricted access to their super until 60 years. For many this is way too late and individuals need access to these funds to support themselves, their family and their community. To put this in perspective,
10374-509: The treatment of minorities, events of considerable public concern or economic questions. Many royal commissions last many years and, often, a different government is left to respond to the findings. Royal commissions have been held in Australia at a federal level since 1902. Royal commissions appointed by the Governor-General operate under the Royal Commissions Act 1902 passed by the Parliament of Australia in 1902. A defunct alternative
10488-416: The two rarely come together, anyone compelled to choose will find greater security in being feared than in being loved." In much of Machiavelli's work, he often states that the ruler must adopt unsavoury policies for the sake of the continuance of his regime. A related and more controversial proposal often made is that he described how to do things in politics in a way which seemed neutral concerning who used
10602-409: The virtue and prudence that good princes should have. Therefore, while it was traditional to say that leaders should have virtues, especially prudence, Machiavelli's use of the words virtù and prudenza was unusual for his time, implying a spirited and immodest ambition. Mansfield describes his usage of virtù as a "compromise with evil". Famously, Machiavelli argued that virtue and prudence can help
10716-429: The war that makes their allegiance fickle and often unreliable when most needed), and instead staffed his army with citizens, a policy that yielded some positive results. By February 1506 he was able to have four hundred farmers marching on parade, suited (including iron breastplates), and armed with lances and small firearms. Under his command, Florentine citizen-soldiers conquered Pisa in 1509. Machiavelli's success
10830-521: The way Machiavelli combines classical ideas is new. While Xenophon and Plato also described realistic politics and were closer to Machiavelli than Aristotle was, they, like Aristotle, also saw philosophy as something higher than politics. Machiavelli was apparently a materialist who objected to explanations involving formal and final causation , or teleology . Machiavelli's promotion of ambition among leaders while denying any higher standard meant that he encouraged risk-taking, and innovation, most famously
10944-483: Was a Florentine diplomat, author, philosopher, and historian who lived during the Italian Renaissance . He is best known for his political treatise The Prince ( Il Principe ), written around 1513 but not published until 1532, five years after his death. He has often been called the father of modern political philosophy and political science . For many years he served as a senior official in
11058-424: Was a classically influenced genre, with models at least as far back as Xenophon and Isocrates . While Gilbert emphasized the similarities, however, he agreed with all other commentators that Machiavelli was particularly novel in the way he used this genre, even when compared to his contemporaries such as Baldassare Castiglione and Erasmus . One of the major innovations Gilbert noted was that Machiavelli focused on
11172-413: Was a new combination: ...contemporary readers are reminded by Machiavelli's teaching of Thucydides; they find in both authors the same "realism", i.e., the same denial of the power of the gods or of justice and the same sensitivity to harsh necessity and elusive chance. Yet Thucydides never calls in question the intrinsic superiority of nobility to baseness, a superiority that shines forth particularly when
11286-497: Was better to be widely feared than to be greatly loved; a loved ruler retains authority by obligation, while a feared leader rules by fear of punishment. As a political theorist, Machiavelli emphasized the "necessity" for the methodical exercise of brute force or deceit, including extermination of entire noble families, to head off any chance of a challenge to the prince's authority. Scholars often note that Machiavelli glorifies instrumentality in state building, an approach embodied by
11400-527: Was born in a tumultuous era. The Italian city-states , and the families and individuals who ran them could rise and fall suddenly, as popes and the kings of France, Spain, and the Holy Roman Empire waged acquisitive wars for regional influence and control. Political-military alliances continually changed, featuring condottieri (mercenary leaders), who changed sides without warning, and the rise and fall of many short-lived governments. Machiavelli
11514-591: Was even called a satire , for example by Jean-Jacques Rousseau (1712–1778). Scholars such as Leo Strauss (1899–1973) and Harvey Mansfield ( b. 1932 ) have stated that sections of The Prince and his other works have deliberately esoteric statements throughout them. However, Mansfield states that this is the result of Machiavelli's seeing grave and serious things as humorous because they are "manipulable by men", and sees them as grave because they "answer human necessities". The Marxist theorist Antonio Gramsci (1891–1937) argued that Machiavelli's audience
11628-490: Was fraudulent and beyond misconduct; "Yes, we can now say that they have occurred." It was reported that NAB employees in greater western Sydney were accepting bribes in order to facilitate loans they knew were based on false documentation in order to reach lending targets and to collect personal bonuses; and up to 15 per cent of all home loans approved did not meet NAB's standard criteria for valuation, serviceability and document verification. Westpac ... acknowledged that across
11742-430: Was impacted by the scandal, stated that the bank did not act quickly enough to address the problem. The CBA was subsequently embroiled in other matters including money laundering for drug syndicates, turning a blind eye to terrorism financing, ignoring statutory reporting responsibilities for more than three years on more than 750,000 accounts, and impropriety in foreign exchange trading. The National Australia Bank (NAB)
11856-536: Was implicated during 2015 in a series of scandals concerning financial planners where it was revealed that the NAB quietly paid millions of dollars in compensation to hundreds of clients for what it considered was inappropriate financial planning advice by its staff between 2009 and 2015. A whistleblower claimed that there was a volatile, toxic and Machiavellian culture within NAB. ASIC banned NAB staff who were previously licensed to provide financial advice. Subsequently, it
11970-428: Was instructed to make a donation of $ 3 million to Financial Literacy Australia after ASIC found that the bank's employees disclosed confidential details of their clients' orders to other foreign exchange traders. Westpac refunded $ 65 million to 220,000 customers after it failed to pass on benefits they should have received under package deals, including home loans, credit cards and transaction accounts, offered by
12084-406: Was later called the scientific spirit in which questions of good and bad are ignored, and the observer attempts to discover only what really happens. Machiavelli felt that his early schooling along the lines of traditional classical education was essentially useless for the purpose of understanding politics. Nevertheless, he advocated intensive study of the past, particularly regarding the founding of
12198-452: Was published. Some consider it to be a straightforward description of political reality. Others view The Prince as a manual, teaching would-be tyrants how they should seize and maintain power. Even into recent times, some scholars, such as Leo Strauss , have restated the traditional opinion that Machiavelli was a "teacher of evil". Even though Machiavelli has become most famous for his work on principalities, scholars also give attention to
12312-426: Was revealed that NAB subsidiary, MLC Limited , had charged some of its customers "adviser contribution fees" and "employer service fees" on its superannuation products. By its own admission, NAB executives told the Royal Commission that the customers may have not received any service, in spite of being charge a fee. NAB tried to disguise these fees as commissions. The following month ASIC commenced civil proceedings in
12426-505: Was revealed that NAB were also implicated in impropriety in foreign exchange trading. Westpac was implicated in allegations that it rigged one of Australia's key interest rates, the bank bill swap rate and was sued under responsible lending laws for using an automated process to decide whether peoples' home loan applications met lending criteria. Further, a Westpac banker was imprisoned for fraudulently lending millions of dollars to elderly pensioners. Following ASIC investigations, Westpac
12540-419: Was revealed, little happened beyond apology from the entity, a drawn-out remediation program and protracted negotiation with ASIC of a media release, an infringement notice, or an enforceable undertaking that acknowledged no more than that ASIC had reasonable ‘concerns’ about the entity’s conduct. Infringement notices imposed penalties that were immaterial for the large banks. Enforceable undertakings might require
12654-597: Was short-lived. In August 1512, the Medici, backed by Pope Julius II , used Spanish troops to defeat the Florentines at Prato . In the wake of the siege, Piero Soderini resigned as Florentine head of state and fled into exile. The experience would, like Machiavelli's time in foreign courts and with the Borgia, heavily influence his political writings. The Florentine city-state and the republic were dissolved, with Machiavelli then being removed from office and banished from
12768-459: Was taught grammar, rhetoric, and Latin by his teacher, Paolo da Ronciglione. It is unknown whether Machiavelli knew Greek; Florence was at the time one of the centres of Greek scholarship in Europe. In 1494 Florence restored the republic , expelling the Medici family that had ruled Florence for some sixty years. Shortly after the execution of Savonarola , Machiavelli was appointed to an office of
12882-587: Was the common people, as opposed to the ruling class, who were already made aware of the methods described through their education. The Discourses on the First Ten Books of Titus Livius , written around 1517, and published in 1531, often referred to simply as the Discourses or Discorsi , is nominally a discussion regarding the classical history of early Ancient Rome , although it strays far from this subject matter and also uses contemporary political examples to illustrate points. Machiavelli presents it as
12996-575: Was used as a partial justification by the Borgias. Other excursions to the court of Louis XII and the Spanish court influenced his writings such as The Prince . At the start of the 16th century, Machiavelli conceived of a militia for Florence, and he then began recruiting and creating it. He distrusted mercenaries (a distrust that he explained in his official reports and then later in his theoretical works for their unpatriotic and uninvested nature in
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