Westpac cut corners in classifying loan residential rather than commercial

The financial services Royal Commission has heard how the race for banker commissions might have contributed to a loan being wrongly classified as residential rather than commercial. 

Westpac executive Alastair Welsh conceded that a Bank of Melbourne banker got it wrong and may have been driven by performance targets in cutting corners to get the loan approved. 

Away from the Royal Commission, the Commonwealth director of public prosecutions Sarah McNaughton says there is no confirmation that her budget for fighting financial crime will be extended beyond this financial year.

Here's my report from The World Today