Holding Australian banks more accountable

As the global financial crisis showed, bank profiteering at the expense of prudent risk management can devastate economies. In Australia, an independent enquiry into bank activities is long overdue.
Australia's Reserve Bank governor Philip Lowe says not enough attention is being paid to risk management
Australia's Reserve Bank governor Philip Lowe says not enough attention is being paid to risk management

Australia’s big four domestic banks are pursuing a relentless strategy of maximising profits, helped by a booming housing market and protected by the blanket government guarantee on deposits that was implemented following the global financial crisis.

Commonwealth Bank of Australia CBA, for example, posted a record-breaking A$9.9 billion $7.8 billion full-year profit in August.

Shareholders are dining well on fat dividends. Together, the four largest commercial banks ANZ, CBA, National Australia Bank NAB and Westpac, which make up 33% of the benchmark ASX50 index  pay an average yield of 6%. And some of the main beneficiaries are Australian workers...

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