the Commonwealth Bank of Australia was formed in 1911 by a Labor government -----
and in the Great Depression - IMO, basically kept the country alive -------- this is an AI opinion, take it with a bit of a grain of salt - but, it gives and idea of events - which, if interested - one can go and research each event to see if it's accurate
IMO - a people's bank (owned by the nation) is a philosophically good idea ------- to this day
''During the Great Depression of the 1930s, several banks in Australia continued trading. However, some banks experienced financial difficulties and depositor runs. The names of some of the banks that faced challenges during this period include:
Government Savings Bank of NSW: The NSW State Government's political and financial problems led to a deposit run. The Government Savings Bank merged with the Commonwealth Bank
3
.
Primary Producers Bank of Australia: Anticipating a run, the bank approached the Commonwealth Bank for assistance. The Commonwealth Bank provided a small loan but declined further requests for support
3
.
The Federal Deposit Bank: The bank suffered a run following the run on the Government Savings Bank. The bank was denied Commonwealth Bank support
3
.
State Savings Bank of Western Australia: The bank suffered a run following the closure of the Government Savings Bank. The State Savings Bank merged with the Commonwealth Bank
3
.
It's important to note that while some banks faced challenges, not all banks experienced the same level of disruption during the Great Depression''
