"Our Big 4 Banks" don't have a social charter; just an obligation to produce optimum profit for shareholders and in the process gear execs wages to that profit. So in summary its futile to whinge.
Ever since Keating privatised the Comm Bank, things have gone down hill in banking from a customer's perspective because : -All 4 banks are now majority foreign owned -All 4 Banks are majority American owned -4 foreign investors own nearly 50 percent of each bank
So like most services , we have sold out and then outsources.
So rather than gasbag about how bad our foreign Big 4 Banks are how about coming up with a remedy?
Here's mine:
(a)Mandate at least 52% Aus ownership of our big 4 so that majority decision making is made in Aus....not in Wall St or elsewhere (b) mandate a Banking Social Charter that prioritises Aus & Aussies in lieu of banking deposits guarantees by the Aussie taxpayer....no Social Charter-no Bank deposits guarantees (c) that transition to 51% Aussie ownership is completed within 10 years.
We are supposed to have competition in banking but there is more cooperation than competition based on minimal differences in interest rates and financial services offered a.
Fro July one there has been more consolidation in Aus banking by the ANZ being allowed to devour Suncorp Banking.
Otherwise just institute a Comm Government Bank (Comm 2) to keep the bastards honest.
