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ASIC gives up on its fruitless case of shiraz – The Australian Financial Review
Australia’s bank borrowers have been spared from ASIC’s regulatory overreach at a crucial time.
Fortunately, ASIC lost. With wisdom that escaped the designers of the original law, Justice Nye Perram said that if borrowers knew they had a new mortgage, they would likely give up dining on wagyu steak and the finest shiraz, think of the house, and make do with much more modest fare to repay the bank instead.
The full bench of the Federal Court in June backed Justice Perram’s view that bankers should be left to assess credit risk, rather than bureaucrats trying to micromanage what borrowers c…
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