What Does AA Know?, page-109

The financial sector more broadly has been pretty ordinary since the GFC.

With so many snouts in the trough it doesn't really encourage the M&A activity that happens in other sectors where the industry is bloated. Companies like Hum should have merged for scale years ago.

Banks, Fund Managers, Consumer Finance.......none of these companies have gone anywhere for 15 years.......with Macquarie (and a couple of fly by night BNPL's) being the major exception.

The Australian finance sector needs to be blown up and rebuilt to provide our population capital for something other than lending to mum and dad for an "investment property" lol.

Heck, even trying to get some funding for a share portfolio is "specialised" and warrants a much higher interest rate than residential property in the eyes of banks......much too "risky" hahaha.....it's a pathetic Japanese creative killing style system we've allowed.

Humm should go after small business and go hard.