Will Kenneth Hayne take banking royal commission to the country?

Inquiry hearings into agricultural lending may widen to probe banks’ dealings with indigenous communities.

There’s speculation Kenneth Hayne’s inquiry may embark on its first road trip. Pic: Pool images

Ken Hayne’s well-oiled machine, otherwise known as the financial services royal commission, is staking out territory for a fourth stopover on its grand tour of the banking sector.

As previously reported, agri lending was carved out of the current hearings on business lending, which are due to wind up on Friday.

Agri, where ANZ Bank will feature prominently because of its treatment of Landmark customers, will not be the sole focus.

The word on the street is that Hayne will also probe the banks’ dealings with indigenous communities, as part of a broader examination of vulnerable communities across the country.

The hearings will kick off on June 25 and proceed for the customary two weeks.

Many of the affected agriculture customers, along with some indigenous communities, are in Queensland, prompting speculation that the royal commission would embark on its first road trip.

It remains unclear if this will actually occur.

As with business lending, the main areas that Hayne is expected to explore are hardship and the enforcement of loans against customers in default.

In the meantime, notices to produce documents are flying through the ether to the superannuation industry — both retail and industry funds.

What better time for Hayne to dip his hand into the $2.6 trillion retirement income system than now, with the ink barely dry in this week’s voluminous draft review of the sector by the Productivity Commission?

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