Tony Abbott Lets Banks Rip Off Mums & Dads

Looks like Tony's taking the chance to jump onboard, not the banks but the regulators for letting the banks run wild

Former prime minister Tony Abbott says Australia's corporate regulators should be sacked and replaced with "more vigilant" people after a string of damning revelations from the banking royal commission.

You're probably right, Tony, but what did you do?

The Abbott government's 2014 budget set in motion $120 million of cuts to ASIC's funding over four years, leading to the loss of more than 200 staff. At the time, the government emphasised a greater role for self-regulation instead of government intervention.

Former ASIC chair Greg Medcraft was vocal in his criticism of the budget cuts and pushing for tougher penalties for misconduct.

Little bit tough to be vigilant when you're sacking them all, Tony.

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