Remember before the great GFC, we have a lot of little “banks” willing to fight for your business, they have since closed or have been purchased by one of the big four banks, did the ACCC look the other way?
The big four banks have got it all over us…… They are too big to fail and there is too little of them to be competitive to us customers.
Remember before the great GFC, we have a lot of little “banks” willing to fight for your business, they have since closed or have been purchased by one of the big four banks, did the ACCC look the other way? Surely this is all against the National Competition Policy?
Some facts about the big four: they are worth about $50 billion each, they control about 80% to 90% of the lending market, they rank amongst the top 30 banks of the world, they are at record levels of profitability.
Wayne Swan, the federal treasurer recently said "They have a return on equity which is virtually unequalled by any other bank in the world."
So why can’t they pass the rate cuts on and why are they looking at maybe raising their rates?
Australia and New Zealand Banking Group Ltd (ANZ) chairman John Morschel has demanded that politicians stop criticising banks on job cuts and interest rates, according to a report by The Australian Financial Review. He said “I wish the politicians would get their facts straight before they start making public statements,” he said, according to the AFR. “There was no capital provided to any Australian bank by the government and the only thing they did was guarantee wholesale funding, for which they charged a fee and earned a hell of a lot of money from.”
It doesn’t make sense though, the banks post record profits, and yet they continue to shift jobs overseas and bleat that they are “protection our profit margin.” Maybe the federal govt should look at regulation of the “profit margin”?
On a more positive note our office has sold over 12 properties so far this month. we have the most properties listed in the weekend property magazine making us the number agency to list your property for sale with..........