Episode 3: Is this a Joke?
80% of Bank Profits Go Back to Ordinary Australians?
It is fair to say that up to 80% of bank profits go back to the big four banks shareholders. It does not take too much deduction to work out that this is not the same as 80% of profits going back to ordinary Australians. This claim is outlandish and surely must be investigated by the ACCC as deceptive and misleading.
Why would the banks fell the need to tell us this?
Well it tells me, that with the spectre of the Royal Commission hanging over their heads, the banks are embarrassed by the amount of profit that they make and felt the need to justify this to everyday Australians. They have robbed the Gotham Treasury and in true arch villain style are offering to share the loot with us to buy our silence.
James Fernyhough, writing in the NEW Daily, (article) has saved me the time in doing the calculations. It would appear that (as approximations need to be made), that at 8-9% of Australian benefit from the profits generated by the major banks. He summarises by saying “while we may all own shares in the banks through our super, those shares are distributed about as equally as wealth is in general – i.e. supremely unequally.
What is fair to say is that 80% of adults Australians are customers of the big 4 banks and as customers they have been systematically deceived, mislead and ripped off. This is no more highlighted then the CBA’s admission yesterday that it had been selling “junk” insurance. This was after late last week asking to keep “oversold” insurance products submissions confidential. It has agreed to voluntarily refunded $16 m to over 140,000 customers! Will it surprise you to know that the Royal Commission’s first order of business when it reconvenes on the 13th March will be to look at Consumer Credit and Lending practices? The commissioner will have a field day with these Jokers.