Long time ago I worked for a bank and the rule of thumb was that the cost of running a branch should come from fees. If you close a branch and don't remove the fees after the initial cost of closing a branch is amortized, it is all profit.
Besides that, most of our money is created not by the government but by our commercial banks. Our central banak only creates what is called high powered money, the bulk comes from credit expansion by our commercial banks.
When the government floated the Commonwealth Bank in 1991 its shares were valued at $5.40, if I am recollecting well.
At the same time Santos shares were trading around $2.50.
Today, at this very moment Santos shares are trading at $7.20 while the Commonwealth Bank shares are trading at $120.85.
Now, after whom do you think that our politicians, special those beautiful ladies turned politicians by default, the so-called Teal Independents, went after advocating the imposition of a super-profits tax? After Santos, of course.
