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Welcome to the Australian banking cartel Somehow through one of the worst banking crisis in the history of the world the major Australian banks still remained
by nikcub 13y ago
Welcome to the Australian banking cartel
Somehow through one of the worst banking crisis in the history of the world the major Australian banks still remained some of the most profitable companies in the world.
The banks in Australia are a huge tax on the economy but politically nobody will raise the issue - since despite getting shafted the Australian public is too shallow to see past the fear mongering of job losses in the banking sector and having to protect it.
- jacques_chester 13y agoOh, for sure. The massive profitability of the Big 4 has its blessings, and it lets the RBA set quite high reserve ratios by global standards. But our market is too small to attract truly serious competition. A serious foreign entrant would need to buy a Big 4 and that would be expensive and messy.