Despite the continually emerging evidence of misconduct, and the thorough airing of these matters through parliamentary committees, it seems the sector is still grappling with exactly what this new era of scrutiny means.
The situation is simple: organisations that derive such large portions of their revenue from government work, and that on so many instances have failed to demonstrate appropriate ethical and professional standards, should expect themselves to be answerable to the Australian people and the parliament.The Senate in particular is a powerful investigative body.
The continuing barrage of negative media, and the ongoing and unfamiliar scrutiny of established industry practices, are causing discomfort and fatigue within the sector only to an extent that is warranted. Companies that profit so substantially from Australian government work, and which play such a crucial role in the security of our markets, the economic stability of our country, and the financial wellbeing of individual Australians, should not be surprised by the expectation of reasonable transparency and accountability. It is not a burden imposed by an overzealous Senate – it is the bare minimum.
As we cast our gaze beyond this week’s hearings and to the fundamental purpose of the inquiry, emphasis should be placed on the growth of a financial sector with genuine ethical standards, and on the expectation for companies to understand that they are answerable to regulators, to the public, and indeed to the parliament, for their conduct.
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