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"Banks continue to make 500% plus profit ..." I'm not familiar...

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madamswer

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09/10/19

19:36

Post #: 40801547
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Originally posted by sandybay ↑

Now that the cash rate is just 0.75% , how is it acceptable that banks continue to rip the sh---t out of borrowers.
Banks continue to make 500% plus profit and all ACCC can do is " investigate" or undertake another " inquiry " so that they seem to be doing something and are on the side of the public.

Yet when petrol prices move overnight from (say) $1.31 to $1.71 that's roughly a 30% hike and people go all nuts about it.
Many of the public are ignorant about banks and accept the status quo. But because they visually see the petrol price change overnight they accept they are being ripped-off by the fuel companies.

Electricity prices are been re-regulated because public feel the pain of paying the quarterly bill. But yet when it comes to Bank profits exceeding 500% of the cash-rate the public remain silent. Is that because borrowers don't want to upset their manager, or is it because they are being brainwashed.

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"Banks continue to make 500% plus profit ..."

I'm not familiar with that kind of financial metric.
Can you shed some light on what it means, or how it is calculated?

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