Show’s over for Hayne and Orr

The royal commission is over but the phrases ‘can I show you a document?’ and ‘Hayne pain’ are now etched into the lexicon.

Counsel assisting Rowena Orr QC leaves the banking royal commission in Melbourne. Picture: David Geraghty.

The Hayne royal commission show has come to an end — but the phrases “can I show you a document?” and “Hayne pain” are now etched into the banking industry’s lexicon.

The curtain closes after 69 days of public hearings, evidence from 134 witnesses and explosive revelations of misconduct in the nation’s financial institutions.

For commissioner Kenneth Hayne, the hard work now begins. There are just 70 days left to meet the February 1 deadline for his final report, so he and his small team of barristers — including the people’s choice, Rowena Orr QC — will have to work like demons.

Given he managed to wrap up the entire inquiry about two hours early yesterday, there’s no chance he’ll ask for an extension to finish off a tome that is likely to be thousands of pages long.

Yesterday, though, he and Orr were relaxed as they looked back on hearings that have brought AMP to its knees, shuttered top-10 financial planning network Dover and thrown business models across the industry into jeopardy.

While the Hayne interim report posed many questions, the focus now shifts to outlining clear solutions for pay structures and regulatory settings.

Aggrieved customers, many from vulnerable parts of society who are still waiting for repayment or compensation, will want some level of assurance these scandals won’t recur.

Orr paid special tribute to those who’d told their stories of loss and pain to the commission.

“Many travelled long dis­tances and gave evidence about their private financial affairs in a very public forum,” she said.

“I know they did not always find that easy, but their willingness to give evidence about their experiences has greatly assisted the work of the commission, and I am grateful to them.”

A softer side of the woman who put fear into the eyes of the nation’s most senior bankers was made clear in her closing statement. But the nickname Rowena “Shock and Orr” may stick.

The reams of documents tendered give the most telling insight into the scale of Hayne’s task.

Almost 400 witness statements were submitted, alongside more than 6500 exhibits.

“I should say publicly that I recognise the intensity of work that has been required of those acting for the entities whose conduct has been the subject of examination,” Hayne said.

“More often than not, those acting for the entities and agencies concerned have sought to co-operate with the commission and with solicitors assisting in seeking to deal with the requirements that the commission has made.”

Orr and Hayne also paid tribute to the commission’s staff — just 20 solicitors on secondment from the Australian Government Solicitor ploughed through those 6500 documents.

Hayne even thanked Helen Lubke, who transcribed the hearings into more 7000 pages of transcript, saying her skill was “a continuing source of wonder”.

Hayne’s inquiry unearthed the opaque dealings and often flawed decision making processes within boards and management at our financial institutions.

That rare insight and public shaming should now lead to action and change. Or, in other words, Hayne’s encore.