He said the Australian banking industry is the most concentrated in the world and also the most profitable.
“In fact the ‘big four’ Australian banks make up four of the eight most profitable banks in the world,” he told news.com.au.
“They are making that money from a population of just 27 million people. There’s 8 billion people out there, for Christ’s sake.
“What the Australian public needs to ask is, how on Earth can that be possible? Because, I think the Australian people are going to look at that and go, nah, that’s not possible.”
In its latest results, Commonwealth Bank (CBA) made $9.48 billion after tax, while Westpac made $7 billion, Nab made $6.96 billion and ANZ made $6.53 billion.
Mr Doodney said successive federal governments and the Reserve Bank of Australia (RBA) have justified these profits made in the banking sector because they have called for a “robust banking system”.
“I’m calling bulls**t on that, because my attitude is that, you know, for the first time in history, affordable housing is becoming a serious issue for any government, and you’ve got to look at who’s making the money out of that, between either the government themselves or the banking system,” he said.
https://www.news.com.au/finance/economy/australian-economy/bullst-expert-erupts-as-cba-stuns-world/news-story/a329ff75e8f623184abaea5ede3c6e29
