As the CBA announces billions in after-tax profits, workers are denied wage rises to keep up with inflation and many will be squeezed by interest rate hikes. Peter Boyle argues that the bank should be taken back into public ownership and run as a not-for-profit service.
Big Four Australian banks
As expected, the major banks are preparing to launch a media war against the Turnbull government’s proposed $6.2 billion bank levy, as outlined in Treasurer Scott Morrison’s May 9 federal budget speech.
Australian Bankers’ Association head Anna Bligh was furious. She said a campaign was being considered, claiming the government was playing “fast and loose” with the nation’s financial system.
Greens leader Richard Di Natale has backed calls for a new “people’s bank” to challenge the power of the Big Four mega-banks. He told the National Press Club on March 15: “The time has come for a people's bank, one that injects real competition into the banking sector.”
Senator Di Natale drew on the example of the state-owned KiwiBank in New Zealand, run by the NZ Post Office. A similar operation in Australia would boost competition, push down fees, help young buyers enter the property market and deter “unscrupulous behaviour”, he said.
"Former NSW Premier Mike Baird has enthusiastically accepted a job at the National Australia Bank as chief customer officer, in order to spend less time with his family," The Chaser revealed on February 28.
"Baird has reported an exhausting five weeks spending quality time with his children. According to Lucy Baird, his eldest daughter, Baird's return has polled badly among the family, following his controversial policy of putting his children to bed two hours earlier than they were previously used to.