If you have seen my submission to the Senate inquiry into competition in the banking sector, you would know that I’m less than impressed by its premise–that whatever the problems are, they can be solved by a hefty dose of competition.
It seems I’m not the only cynic. Three other notable bloggers
- http://www.housesandholes.blogspot.com/
- http://delusionaleconomics.blogspot.com/ and
- http://www.unconventionaleconomist.com/
have established a parallel inquiry, which is offering a $1,000 prize for the best submission.
They have established the following blog:
http://sonofwallis.blogspot.com/
And they note that they have established their “Son of Wallis” inquiry because of:
the blogger’s shared despair at a banking debate that is mired in the lowest common denominator politics of whether banks should be allowed to change interest rates beyond the Reserve Bank. Meanwhile, the larger questions surrounding the failure of the financial services regime envisioned by the Wallis Inquiry go unanswered.
They will award a $1,000 prize for the best submission on the issues:
- What are the risks and benefits of large bank wholesale debt and how should each be addressed?
- What, precisely, is the ongoing status of the Federal government guarantee to the large banks’ wholesale debts and what are the implications for the Budget?
- Given securitisation was at the centre of the GFC, what role should it play in renewed competition?
- How can competition be returned to the financial services sector, as well as balanced against the need for stability in the light of the first three questions?
The submissions have a 1,500 word limit, and must be submitted to the email address sonofwallis@gmail.com by December 13th.
The winner will be published at BusinessDay and The Drum. The entry can be anonymous. They will be judged by the below 5 gentlemen:
The Son of Wallis Challenge is the brainchild of David Llewellyn-Smith. He is the founder of The Diplomat magazine, now Asia’s leading international relations website. He is also the co-author of The Great Crash of 2008 with Ross Garnaut and creator of The Distillery column at Business Spectator. He runs a Melbourne-based media consultancy and writes daily at his blog Houses and Holes. For more on the Son of Wallis Challenge he can be contacted at david.smith.media@gmail.com.
The Unconventional Economist isLeith van Onselen, an Australian currently working for a leading investment bank. He has previously worked as an Economist at the Australian Treasury and a Senior Economist at the Victorian Treasury.The Unconventional Economistprovides contrarian analysis of economic and financial issues, with an emphasis on Australia’s housing market.
Delusional Economics is an anonymous blog create to discuss and analyse the risks associated with various economic policies and architectures, focusing mainly on Australia. The delusional economics blog hopes to highlight the risks with existing systems and provide contrarion insight into the economic outcomes that are available by using “different” economic thinking.
Deep T. is an anonymous senior financial services insider who is fed-up with his colleagues’ reliance on public support. He is a regular contributor at Delusional Economics.
David Richardson studied economics at Flinders University and the University of New England. He has taught economics at UNE and the University of Western Australia. His research interests include macroeconomics and international economics. In Canberra David worked in the Economics section of the Parliamentary Library briefing MPs and Parliamentary Committees on various economic issues before Parliament. During the Hawke/Keating Governments David worked for Ministers Brian Howe and Senator Nick Bolkus. David brings a solid knowledge and practical understanding of the Australian economy and government. David is now a Research Fellow at the Australia Institute.
So go for it bloggers: it’s an excellent idea, and there’s a worthwhile prize for the best effort.
