Does anybody else find the Commonwealth reporting over 3 Billion profit offensive?
i deal with a small Credit Union, and have done for over 10 years, pay a lower interest rate than these robbers charge and am on a first name basis with the staff. will never go near the BIG 4 again
Pump your money into shares in the big Banks and share in the rewards they rape off thier customers.
Ultimately, anyone who has Superannuation is a co-owner of those banks and your voting rights are used by the super fund to say "good job, go make more money"
^^^ What Paradox said.
If you are a shareholder, you think beauty
If you are a customer, you gave them that profit
If you are a shareholder and a customer, it depends on how many shares you have versus how much you have invested / owing to them
The real stories are buried in here:
www.commbank.com.au/about-us/shareholders/pdfs/2011-asx/2011_Half_year_results_-_additional_segmental_disclosures.pdf
Hint: most of their money comes from retail bank interest, that includes my home loan and the kite shops business loans... Even if they make a relatively small percentage on the money they loan, a small percentage of a insanely large number is still pretty big!
Pwee you are very correct. Return on investment is low.
However increases in unnecessary fees are what is annoying (at best). Imagine if a supermarket had a few self serve checkouts, but said it is a $5 fee to go thru one manned by an assistant. There would be an outcry and they'd be boycotted.
But that is what the banks do, they introduced ATM's and EPTPOS in the 80's and introduced a fee for over the counter transactions. Now we're all used to it, they introduced ATM fees and $2 for using other banks ATMs (that is great in the country where we have 1 ATM for whole town!)
Plus your pay pretty much has to go to them.
In the old days the original idea of a bank was they lend money at 10% and pay 6% on deposits, so the 4% was their profit. Now they have a captive market as people are not paid in cash, they are a law unto themselves.
It is even more offensive when they cut back on staff, and increase fees and then post a bigger profit than last year. Disgusting.
all i know is that if i operated my plumbing business like the banks id have no customers left 
www.themoneymasters.com
yeah go on and flame me farktards
truth is truth, and we've all been working thinking we're so smart for what....?
oh hang on....
this could be 'conspiracy'
" A nation that is afraid to let its people judge the truth and falsehood in an open market is afraid of its people."
-John F Kennedy
). So blaming a company for doing what it is supposed to do is a pretty myopic.
If you don't like the big 4 and their profits don't be lazy, don't be a sheep and vote with your feet. It's not as if they are the only financial instututions out there, I've just done some research (read Google 
), there are 12 Australian owned banks, 44 international banks trading here, 11 building societies and 115 credit unions spread right around Oz.
As long as you don't live in a 'one ATM town' like Mark (and myself) you have the options and flexibility to bank other than the big 4.
If you don't like paying account transaction fees, get a fee free account, if you don't like ATM fees get cash out when you swipe for your shopping, if you don't know how to internet bank you should, its here and staying.
If you don't like the profits, stop contributing to them. I have 8 accounts with one of the big 4 and only pay fees on two accounts, and even then those are tax deductible.
Personally, I like the profits, I made a modest amount on bank shares coming out of the GFC, my super is starting to recover post-GFC and if the banks weren't so strong before, during and after the GFC our economy would have tanked as well, rather than slow down.
Now that the NAB has started the massive advertising campaign saying they are leaving the relationship with the other "big 3" banks, will the ACCC be investigating them as they are now admitting there has been a colaboration between the 4 major banks which is against the law and amounts to nothing more than price fixing which has cost "mum and Dad" mortgage holders millions!
I wonder if the reserve bank and treasury discuss the relative merits of kite vs windsurf via an internet forum ?
^^^ Lol I can't say I have ever seen it mentioned in the RBA meeting minutes, nor have I ever seen a rates decision made that was DOW (dependant on wind)... 
I would rather them make a profit than go bust, as recently in sepo land.
As someone pointed out earlier in this thread , dont grizzle , buy share,s in them and stick your cash where ever you want.
Agreed Sands, however don't forget they were cashed up to start with using our funds and the money was garenteed by the government (our money) so if they went belly up we would have worn it not them. they couldn't lose, so lets not think they are the good guys. monopolies rarely lose!
