ANZ's Shayne Elliott told the banking royal commission that the bank's executive bonus targets were too focused on financial goals at the expense of customer outcomes and risk management, but that there needed to be some room for sales incentives for staff.
The commission is particularly focused on the governance failures that allowed misconduct to continue without negative consequences for those who engaged in or ignored bad behaviour, and the remediation practices of financial institutions to compensate customers.
Read the blog to see how today's evidence unfolded.
