Australia’s well-heeled banking cartel continues to have a financial lend of Ordinary Australians.
It’s how elitists thrive. And the thieving scam was conceived under Hawke-Keating Labor’s sale of taxpayers’ People’s Bank in the 1990s. Both Hawke and Keating are now Lefty Labor Millionaires. Go figure!
Like indignant Lefties, Australia’s omnipotent Big Four Banks are strangely hyper-incensed by the temerity of criticism. Each time the Australian public and media accuse the banks of collusion and of obscene greed, there’s indignant denial.
But it’s not because the Big Four consider any of the accusations unjustified, by no means! It’s because their avarice reaped from exploiting the rest of us, is embarrassingly being made public. Poor chaps.
London elitist bankers have long feathered their nest. Many have landed in Sydney. Goldman Sachs on Wall Street went to Greece.
Since Labor blood-sucked generations of Australian taxpayer wealth from the People’s Bank for its own budget ends, the Big Four Bank oligopoly Labor created has controlled our nation’s home mortgage market, business lending market and credit card market.
Labor was always Communist. Labor was always Big Brother centralist. That’s why Labor’s backstabbing PM Malcolm Turnbull is sympathetic to the collectivist cause.
During the 2008 Global Financial Crisis, Labor’s PM Kevin Rudd unconditionally kneejerk guaranteed Australia’s Big Four Banks 100% of their wealth on behalf of all Australia taxpayers, without consultation. Rudd was scared that the Big Four had become too big to fail.
Australia could have defaulted like Greece under Goldman Sachs dodgy finance.
As a result of Labor’s guaranteeing of funds of Ordinary Australians, Australia’s Big Four risked nothing, and so made squillions and lapped up the immunity. But they chose not to pass on any accrued benefits to their loyal customer plebs – the Australian taxpayers who had involuntarily gone guarantors under Rudd.
Recently, Australia’s banking regulator, Australian Prudential Regulation Authority (APRA) has imposed minimal capital holdings upon Australian banks so that they can themselves financially cover mortgage exposures, not the Australian taxpayer like under spend-thrift Rudd.
The industry body of Australian banking, The Australian Bankers Association, came out supporting the banks’ call to maintain obscene profits irrespective. The ABA launched a bank propaganda sob story campaign.
Then on October 14, Australia’s Big Four greedy bank, Westpac announced its expected profit for 2015 was set to be $7.8 billion. Same day, Westpac management announced raising its home mortgage variable rate by 0.20%. It was not to keep pace with the Reserve Bank of Australia, which has sensitively kept our national market ‘cash rate’ steady. Westpac also owns St George Bank which has previously swallowed up Bank SA, Advance bank, RESI (Bank of Melbourne), RAMS Home Loans, and Bankers Trust (BT Financial).
No, it was because Westpac management felt like it, so that Westpac’s 2016 profit would be more than Westpac’s 2015 profit. Such has become the perpetual growth of market expectations on bank profits – or else!
Then on October 22, Australia’s greediest bank, the Commonweath Bank, was hocked for cash by Hawke-Keating Labor for $8 billion. It’s profit just for 2015 was $9 billion. It was a 5% increase on 2014. Commbank owns Bankwest and Colonial First State as well as parts of many other financial institutions – Aussie Home Loans, Wizard Home Loans. On October 22, 2015 its management increased in its home mortgage variable rate 0.15%.
Same day on October 22, the ANZ Bank announced raised its home mortgage variable rate 0.18%. Less than a week later, ANZ Bank management declared its cash profit or 2015 at $7.2 billion. ANZ like the others, also owns large portions of the financial services sector.
On October 23, Australia’s big four greedy bank, NAB, announced it was increasing its home mortgage variable rate by 0.17 %. It was not to keep pace with the Reserve Bank of Australia. It was because it felt like it so that its 2016 profit would be 5% on 2015 and so earn bonuses for…management again. Less than a week later, NAB management declared a profit for the 2015 financial year of $6.3 billion, up by nearly 20 per cent from 2014. NAB also owns stockbroker JBWere, superannuation firm AVIVA and Challenger Financial Services.
It’s like winning the Lotto every week! Scratch me happy!
Australia’s big four banks have been ranked the most profitable in the developed world for the firth year running, reigniting criticism about their market dominance. The Big Four Bank profits approaching nearly $30 billion in 2015, up from $26 billion in 2014; these figures show the Commonwealth Bank, Westpac, ANZ and NAB made better returns last year than lenders in 10 major developed countries, including Canada, the US, Britain and Europe.
For bank gouging of home owners, the spent argument of ‘shareholder return’ doesn’t wash. Wearing a pin-striped suit sends a clear public message.
Australia’s Big Four banks cartel has a prosperous future. It is largely because Australia’s competition watchdog, the ACCC is as complicit as it is corrupt.
In response, Aussie’s sport of bank bashing is set for young and old – moreso our young Australians are condemned to a life of renting.
Question is, at which Sydney exclusive Chefs Hat restaurant did the Big Four multi-millionaire elitists collude such coincidental interest rate hikes?
Westpac’s Brian Hartzer, Commbank’s Ian Narev, ANZ’s Mike Smith, and NAB’s Andrew Thorburn have refined their acting abilities in camera.
Chefs Hat restaurants – exclusive to unAustralian elitist banking class.
Forget the imported thug A-League. Ordinary mortgaged Australians are sticking to the sports they know. The grassroots sport of Bank Bashing across Australia’s mortgage belt is set to prosper. Any banker excuses are dismissed like ‘behinds’, ‘wides’ and ‘penalty’ points, akin to epic soccer fake injury cheats like notorious Olexandr Aliyev.
Australia’s growing national sport https://crownbet.com.au/
Multi-millionaire ex-merchant banker, Malcolm Turnbull (now PM) pompously mouths his displeasure. But it’s mere tongue wagging to appease the mortgage belt plebs.
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