You are quite right in pointing out the Big 4 banks role in QE.
Due to our system the RBA cant buy Treasury debt directly from
Treasury but instead filter the Bonds through the Big 4 banks for a
commission with the reverse being done when QE is unwound which
doubled up the commissions. At present the RBA holds $700 Billion
of QE securities and once that is unwound, there will be a windfall for
the Big 4.
Ironically between 75% & 83% of these big 4 is foreign owned so that
share of their windfall profits will go overseas.
Add to the , the Taxpayer insured all bank deposits relieving the banks
the expense of private insurance.This insurance has been needed during
the GFC and it remains today. Wouldn't any small business appreciate
the Governemnt (the taxpayer) guaranteeing its liabilities !
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