Hockey's inherited a house of cards

Imbalances spotlighted by the Financial Services Inquiry could throw up plenty of nasty political problems for Joe Hockey - including the question of why the sector's so disproportionately tilted towards housing.

At a presentation in Melbourne yesterday, the CEO of Roy Morgan Research, Michele Levine, tried to get the audience to remember what life was like the last time a Coalition government launched a review into the financial services market – the Wallis inquiry in 1997.

Back then only 40 per cent of us had mobile phones, she pointed out, and none of us knew those phones weren’t ‘smart’.

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