Forget AUSTRAC, CBA result is good news for bank shareholders

Co-founder of the Switzer Super Report
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Commonwealth Bank’s AUSTRAC fiasco has become a classic media beat-up. Led by the anti-business ABC, supported by some Fairfax cheerleaders, and then the usual cabal of Canberra politicians, this story has been done to death. CBA has been tried, found guilty, and hung by the media before it is yet to even file a defence. This is not the making or breaking of the Australian banking industry.

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