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Similar situation in Australia - the 4 big banks are enormously profitable and safe. There's a range of smaller banks and building societies though, where you p
by damian2000 13y ago
Similar situation in Australia - the 4 big banks are enormously profitable and safe. There's a range of smaller banks and building societies though, where you probably have a bit more risk, but a better interest rate on savings.
- nikatwork 13y agoThis is partly because the Big Four are protected by an automatic government bailout, while everyone else isn't. This creates an unfair competitive advantage against the smaller orgs. The pro is that it creates supreme investor confidence in the Oz banks (and Oz); the con is that the Big Four are using this unfair advantage to hoover up all the smaller orgs. Which could leave Oz with a pigopoly of only four banks. Basel2 helps to even the playing field for the smaller orgs for those that choose to comply, but I feel the Oz govt needs to start blocking any further acquisitions by the Big Four.
- contingencies 13y agoOz gov needs to institute IBAN and free transfers.
- crdoconnor 13y agoNeither Oz nor Canadian banks are particularly safe. They are both exposed to real estate bubbles in their respective markets.
- nikcub 13y agoAustralian banks operate in a government protected cartel, nothing to be proud of. They are a huge drain on the economy. I'd rather have less safe banks, or banks that at least stop making a huge profit when the world is in a global depression, and have a free banking market.
- Wingman4l7 13y agoTelecom is similar -- I'm sick of the Telstra oligopoly.
- nikcub 13y agoand the supermarkets, and the retail malls