PUBLIC INQUIRIES AND their subsequent reports suffer chequered histories in Australia.

Some disappear with nary a trace, while others go on to effect real and lasting change. Why some inquiries succeed and others fail largely depends on the political context and public mood at an inquiry’s calling, the breadth of that inquiry’s terms of reference, the comprehensiveness of its recommendations and the political will of governments to act on those recommendations. There’s little doubt, for example, that Australians today hope the recommendations of the Hayne Royal Commission into the Banking, Superannuation and Financial Services Industry, released in February this year, will not just curtail sharp practice, but force financial institutions to treat clients as people first and customers second.