A crane has collapsed into Sydney Harbour near the iconic Luna Park. Photo: Luke Bayly/@baylyA crane has collapsed into Sydney Harbour, snapping a large cable which damaged the facade of the iconic Luna Park face, according to witnesses.

Luke Bayly watched the crane toppled from a barge at about 1pm where it was operating near Milsons Point on Sydney’s lower north shore.

“It was a huge bang, it startled me, I thought a bomb had gone off,” he told ABC News.

Fire and Rescue NSW has not been called to the incident. A salvage operation is under way.

The crane, positioned under the Harbour Bridge, was being used to build the new Milsons Point ferry wharf.

A spokesperson for SafeWork NSW said police had alerted them to the incident and inspectors were on their way to the site.

It is unclear at this stage what caused the incident on Waterway Construction’s barge.

Another witness, Daniel Da Silva, whose boat charter agency business is located in the neighbouring marina, heard the crane fall and went to investigate after receiving a call from a tenant.

“I also heard the bang but didn’t know what it was so I jumped in the tender and raced out to see if one of our tenant’s boats had exploded,” Mr Da Silva said.

Charter boat owner Luke Feledy was working on his boat nearby when he heard a “bang”.

“I looked up and there was this huge wave of sea spray caused by the crane crashing into the water,” Mr Feledy said.

“The bang was like this massive crack sound and I am pretty sure something snapped or broke for sure.”

Witnesses also saw a cable snap from the crane as it fell into the water which landed on the entrance to Luna Park.

It’s the latest work site incident to take place on the harbour in several months.

In March, a man was killed was working on a barge when he was struck by a metal object.

Commonwealth Bank’s money laundering compliance scandal threatens to cost the lender its position as the country’s top-rated banking stock as investors try to value the hit to its brand.

Ahead of a prudential inquiry into the country’s biggest lender, some analysts predict CBA will lose its position as a market darling, pointing to examples where other banks’ shares have lagged rivals after suffering a big hit to their reputations.

As well as being the country’s biggest bank, CBA has long fetched a premium on the sharemarket because of its financial strength and industry-leading profitability.

This higher rating of CBA is reflected in the stock’s price-to-earnings (P/E) ratio, a key measure for valuing shares.

However, bank watchers are now questioning whether this premium will be eroded by the potential costs, management changes and distraction created by the allegations from Austrac that it repeatedly breached anti-money laundering laws.

In a note to clients, Morningstar analyst David Ellis said CBA’s premium to its peers had been “all but extinguished” since the Austrac allegations broke earlier this month.

He said CBA’s P/E multiple had fallen from close to 14 times to about 13 times, only marginally ahead of rival banks Westpac, ANZ Bank and National Bank.

Since Austrac filed its claim against CBA on August 3, the bank’s share price has fallen about 10 per cent, compared with a fall of about 2.6 per cent in the ASX 200 banks index.

While CBA shares did go ex-dividend during this period, lowering the share price, they have still lagged rivals significantly after accounting for this fact.

CBA lost its crown as the nation’s biggest company by market capitalisation on Tuesday as its shares slid another 1.2 per cent to $75.73. BHP, which has been boosted by a rally in global metals prices, wrested back the title with a market cap of $135.8 billion compared with CBA’s $131.2 billion.

Regal Funds Management portfolio manager Omkar Joshi predicted CBA shares would lag those of rival banks over the next six to 12 months, as a result of the Austrac allegations and the n Prudential Regulation Authority’s (APRA) public inquiry into the lending giant’s culture, governance and accountability frameworks.

“They’ve de-rated a little bit. There will be more of that going forward, they are still trading at a premium to peers,” he said.

Although the APRA inquiry may have little impact on the bank’s profits, Mr Joshi said investors would be wary towards the stock and invest in other banks instead while there was uncertainty over the potential fine facing CBA, management changes and other consequences of APRA’s inquiry.

“If you want to own a major bank, you look at all four of them, and CBA is the one that sticks out as having plenty of unresolved issues,” Mr Joshi said.

Credit Suisse analysts led by Jarrod Martin said CBA’s premium to rival lenders had narrowed and could fall further, based on what has occurred with other crisis-hit banks.

The analysts pointed to the experience of National Bank, which went from being the country’s top bank in the late 1990s to a serial laggard, after several failed expansions overseas and a currency options trading losses scandal in 2003-04.

The report said NAB shares had fetched a premium to rivals in the 1990s, but this turned into a significant discount that was still reflected in the pricing of NAB shares today.

While CBA shares were still fetching a premium, the analysts said the Austrac scandal had the potential to strip CBA of its market darling status, given it had had “more than its fair share of conduct related matters” in recent years.

“This could be the ‘straw that breaks the camel’s back’ for CBA, potentially bringing about a substantial and sustained stock de-rating,” say the analysts, who have a “neutral” rating on the stock.

Other investors point out that the Austrac allegations, while very serious, are unlikely to affect its day-to-day operations taking deposits and writing loans.

The bank also has a solid base of retail shareholders who value the bank’s high dividends, and some question the extent to which these shareholders will be more reluctant to invest in CBA in response to the Austrac scandal.

is a nation scared. Scared to fully stake out its own flag. Scared to install an n as head of state. Nervous even about bringing into the daylight a more complete account of its own creation.

This is at odds with our strongly internalised ruggedness myth. And it is even more inconsistent with the legendary “fair go”.

The selfless courage made sacred on the Western Front, Gallipoli, Changi and Long Tan, is strangely absent at the official level. And the giant-slaying competitiveness that has seen ns punching above their weight in global sports – literally, in the cases of Lionel Rose and Anthony Mundine – went missing on the offer of republican sovereignty.

A federation drawn from the twin brutalities of penal expulsion of an unwanted underclass and the murderous acquisition of an occupied continent remains huddled, reluctant to disavow the benevolent empire myth at the heart of these crimes.

Yet so riven is the domestic discourse that no issue, certainly not a pointed outbreak of the long-running left-versus-right history wars, can be treated on its merits. Rather, these arguments must be seen as proxies for control – new, more pointed projectiles to be hurled in anger in a contemporary battle putting polemics ahead of people. Fallacy before fact.

History is written by the winners. The erection of statues to great men (invariably) is the standard way of commemorating those victories. Which is why internal uprisings, and invading forces alike, make tearing them down a priority. We’ve seen it from the rise and fall of Nazi Germany and Eastern Europe, to Iraq and, most recently, in the American south.

The latter has re-energised a simmering argument here over the statues of Captain Cook, and governors Phillip and Macquarie et al. Some want the statues torn down. Conservatives want them left as is. Neither seems tenable any longer.

This could be a defining challenge for Malcolm Turnbull.

The middle course involves leaving them in place, along with the inclusion of a second plaque explaining the existence, murder, and dispossession of the first peoples.

Assuming the main facts are settled, such an approach should be uncontroversial. It is not, as fuming right-wing critics claim, a “Stalinist” rewriting of history but, rather, the more complete writing of what actually happened.

Turnbull and Bill Shorten have been the voices of civilisation on Indigenous relations. Both have been at their best when acknowledging past wrongs and official denials. Both strongly favour constitutional recognition.

The statues question is simultaneously as symbolic and as substantial as the sculptures themselves. Failure to take reasonable steps to correct these official commemorations would render them officially wrong, while exposing the joint commitment to constitutional recognition as tissue-thin. Mere words.

Follow us on Facebook

MOVING: Aden Gardner, right, has played mostly in Edgeworth’s 20 years side this season after featuring 19 times in first grade in 2016. Picture: Marina NeilValentine do not expect American imports Jalon Brown and Alec Faulkner to return but the clubhassecured Edgeworth’s Aden Gardner for 2018.

Phoenix coach Darren Sills was hoping to overcome visa issues to retain Brown and Faulkner, who were key players in his side’srise to finals contenders this season,but said on Tuesday“I’d be surprised if they stayed” in .

Sills is talking to a friend of the pair, an attacking player,about making the trip next year to Valentine, who have signed midfielder Gardner but lost Daniel Minors (Broadmeadow) and Alex Tserepas.

** New Lake Macquarie coach Nick Webb has added Charlestown goalkeeper Nathan Archbold andAdamstown pair Harry Lane andCameron Holzheimer to his 2018 roster.

Archbold replaces Benn Kelly, who will join Adamstown, where Webb was coach for the second half of this year.

** Referee Stephen Laurie has enjoyed a rapid rise tothe top job for Saturday’s NPL grand finals.

Laurie, whorefereed last year’s second-division decider, will control the first-grade clash between Jaffas and Edgeworth at McDonald Jones Stadium from 7pm.NNSWF is encouraging people to save money bybuying tickets online before Saturday at Ticketmaster.

** An NPL coach has caused a stir with comments that were later deleted from a Northern NSW Football website review.

The comments, which included “there is no coach in the league I haven’t out-coached one-on-one”, set phones buzzing with texted screenshots of the quotes.

** Maitland are confident of working through visa requirements and retaining English import Josh Dutton-Black for next year.

The Magpies have kept the core of their squad and added Alex Read, Mat and Andrew Swan, James Thompson and Zac Thomas from rival NPL clubs.

Maitland Mayor Peter Blackmore is throwing hisweight behindALP mayoral candidate Loretta Baker as his preferred successor.

In an unprecedented moveCr Blackmore, who will not seek re-election at the September 9 local government poll, has made a video touting Cr Baker as “an ideal choice” to take over the mayoral reins.

In the 30-second video he said Cr Bakerworks hard in the community and in her role with health and believes she would have the ideal demeanor to be the city’s first female mayor.

Cr Baker said she and the mayorhave worked well togetherover the past 10years.

Cr Loretta Baker.

“There are times when we’ve disagreed on things, that’s to be expected, but we’ve always had a very constructive relationship based on delivering what’s best for Maitland,” Cr Baker said.

“After 20 years in the job, Peter Blackmore knows what it takes to be mayor.He has led a stable and successful council, and that’s what I’ll deliver as mayor as well.

“My vision is for a stronger, safer, fairer and more prosperous Maitland, and I’m very grateful for Peter’s support and encouragement,” she said.

Cr Blackmore said Maitland isin the fortunate position inthat any of hisformer deputieswould makesuitable mayors, but Cr Baker had attributes that strongly suited her to the job.“But any of the councillors who have served as my deputy would do the job well,” Cr Blackmore said.

Cr Blackmore, former Liberal Member for Maitland,disagreed that his endorsement was unusual and said who better than the incumbent mayor to have a view on his replacement.

Asked if he will votefor Cr Baker, the mayor said he would keep that to himself.

“Aperson’s vote is a private right but whoever becomes mayor, I would wish them the enjoymentI have experienced and the pride I have in council, itsstaffand the community. We havefemale State andFederal members so perhaps a first female mayor could also be considered should the electors decide,” he said.