The pendulum always swings. Community opprobrium about bank lending practices and perceptions of corporate greed imploded spectacularly in the Hayne royal commission six years ago.

Banks faced tightened laws on responsible lending and a range of other regulations as part of the determination to change the experience of customers and the behaviour of Australia’s highly profitable banks. Add in the economic shocks of the past few years, including a global pandemic, the odd bank collapse or wobble offshore and a sharp focus on the benefits of “unquestionably strong” balance sheets.