Piers Akerman: Senator John Williams a hero for taking on big banks

In a quirk of coincidence, Senator John “Wacka” Williams will finish his parliamentary career on the last day of the ­financial year, having delivered — against the odds — the banking royal commission, Piers Akerman writes.

• Women in the spotlight doing feminism no favours
• Voters have a real choice at federal election

In a quirk of coincidence, Senator John “Wacka” Williams will finish his parliamentary career on the last day of the ­financial year, having had a greater ­influence on the finance industry than any other living politician.

“Wacka”, like that hero of the Roman empire, Cincinnatus, will ­return to his farm having delivered — against the odds — the banking royal commission.

He wasn’t alone, but he was the first to call for the commission when he rose in the Senate on September 21, 2011, and told the handful of members who remained in the chamber about a ­financial scam that he had heard about.

He also told the chamber that he had received a lawyer’s letter threatening him if he dared raise the issue.

Senator John Williams delivered the banking royal commission. Picture: Gary Ramage

Here is what Senator Williams said, according to the Hansard record: “The word has got out that I was going to make this speech. A couple of days ago I got an email from Cambridge Law about me making this speech in the parliament.

“It states: ‘If, despite this not­ice, you elect to make reference to our client in parliament, then we confirm we have ­instructions to both make formal complaints to the office of the Prime ­Minister’.”

“Who cares,” the senator said in an aside. The bullying letter mentioned ICAC, which as the senator noted in another aside doesn’t cover parliamentary remarks and “a variety of other entities and outlets so that your conduct can be investigated”.

MORE FROM PIERS AKERMAN:

LABOR AND GREENS RIDING ON BACK OF ROGUES IN GETUP!

FIRST FLEET BROUGHT FOUNDATIONS OF A CIVILISED SOCIETY

The senator’s response to the ­Cambridge Law lawyer was characteristically blunt.

“My message to you is: I do not give a rodent’s backside what you think and I will say what I want in this place when it comes to highlighting white collar crime and the destruction of people’s lives. I could go on with many of these things but I will say this: I look forward to talking to the Federal Police … to give them this file of documents.”

He then landed the killer line which ultimately, resulted in the release of Commissioner Kenneth Hayne’s ­report last Monday: “It is time this country had a royal commission into white collar crime.”

After eight years we have a report which, while better than nothing, doesn’t provide any certainty that things will improve because too much is being left in the hands of the two agencies, ASIC and APRA, which have a long history of oversight failure.

Commissioner Kenneth Hayne handed down his report on banking last week. Picture: David Geraghty

Laughably, the banks are talking about a need for a change in their culture. This is the sort of meaningless ­response that inadequate media massage experts generate reflexively. It’s as worthless as a remedial course in ethics to a banker or counselling on abusive behaviour is to a rugby league team.

ASIC needs a tough guy at the top, not another poodle like former boss Greg Medcraft, a great mate of the world’s best treasurer, Labor’s Wayne Swan.

Mr Medcraft boasted of his skills to the Sydney Morning Herald when he was appointed in 2011, just a month before Senator Williams signalled that he had his eye on the finance industry’s rackets. He should have been called ­before the commission to explain his hyper-inactivity.

It is now mooted that former NSW Premier Mike Baird, who slipped into an executive role at NAB after his less than glorious premiership may get the top job.

Mr Baird showed he had a tin ear for the population — many of whom use banking services — when he ran NSW preferring to be guided by the virtue-signalling fads favoured by inner urban elites.

Australia's big four banks gained more than $20 billion in value after relieved investors welcomed the Kenneth Hayne's royal commission's recommendations. Picture: AAP/Dan Himbrechts

His former government is now struggling to be re-elected in the shadow of his ill-received “achievements”.

Should any of the big banks ­really wish to demonstrate they are prepared to make a genuine break with their corrupt culture they should look to ­appoint soon-to-be former Senator Williams to a board as an independent director. I doubt any would have the guts to do so though because the former shearer, former truck driver, is a man with his feet firmly planted on the ground despite coping with the distressing trials of Parkinson’s disease.

Landing the former senator would be a public relations coup, particularly in the regional areas of the nation where banks were particularly brutal in their treatment of hard-pressed ­farmers facing the strains of floods, fires and droughts.

There are few Australians possessed of the integrity and courage Senator Williams has demonstrated in his years in the senate and in his personal struggle with his illness.

His face on a billboard would help restore credibility to a tarnished sector in a way that selling copies of the Big Issue, as ANZ boss Shayne Elliott did last week, doesn’t manage.

On Wednesday Senator Williams will make his farewell speech to the Senate. I’ll be there, along with ­journalist Adele Ferguson, who worked relentlessly to expose the corruption in the finance industry, and a few persevering whistleblowers.

It takes a lot to drag me into the Canberra swamp but I’ll be in the ­gallery to show my respect for a man who truly represents the best of what politics should be.