En Passant

Two things happened on Tuesday that caught my attention. The first was the decision of the Reserve Bank of Australia to cut the cash rate by 25 basis points or 0.25%, from 1.50% to 1.25%. According to the RBA, the cash rate is ‘the overnight money market interest rate.’ It is essentially the rate the […]

  In Independent Australia I discuss the Turnbull Government’s ongoing commitment to protecting the banks’ profitability, even gifting them billions in tax cuts, as the Banking Royal Commission continues to uncover “utterly shocking” truths.   https://independentaustralia.net/politics/politics-display/the-bankingrc-the-turnbull-government-and-protecting-the-big-four,11425

Public anger builds and banking oligopoly and corruption are set to continue as Turnbull announces banking tribunal instead of a royal commission.

To read my full report in Independent Australia click through here to get to the article. The big 4 Australian banks said ‘sorry’ so Turnbull announces tribunal instead of Royal Commission

Get some perspective, people! Don’t you know the banks are in a parlous state and they need our sympathy and support in their hour of need? After-all, the big-four only made $24.3 billion in profit last year – which would leave barely $14 billion remaining after, say, funding the total investment in new public transport infrastructure in Australia and New Zealand made in the first decade of this century.

So here we have the most profitable banks in the world, the big 4 Australian banks with $31 billion in profits, not prepared to pass on a 0.25% overnight cash rate reduction to their customers on their home and business loans.

Soak the bastards, Treasurer. Hit them with a super profits tax, or threaten to do that.

And when they claim that that would impact on their costs of lending and would need to be recouped, threaten them with interest rate controls and mention you might set up a people’s bank. Oh, I forgot, we used to have one of them until the previous Labor Government flogged it off.

Maybe we should nationalise the banks under workers’ control instead.

Bankers are a pack of worthless, useless, value destroying arseholes.  And these money grubbing low life get paid millions to stuff things up and then survive on handouts from us and pay themselves huge bonuses for their ‘success’. It’s good to know that the latest research, from the New Economics Foundation, backs me up. According to their most recent report A bit […]