Bank Australis

I am tired of the ‘big end of town’s’ bad behavior and, at times, grossly inflated salaries and perks. Now it’s the Banks turn to be exposed by Royal Commission. I have no doubt that a sorry story for the rest of us will unfold over the year ahead. The eventual punishments no doubt, will primarily be fines that simply come out of the Banks profits.

Maybe it’s time we had a true Federally owned ‘Bank Australis‘ to keep them honest? They have had their chance.

Please, no nonsense any more about their ‘spin’ in saying all of us sharing in bank profits via indirect super or personal shares or whatever.

As was quoted in George Orwell's Animal Farm, “Everyone is equal, just some are more equal than others”!

Perhaps too we should look at us having a genuine share of the pie, via a Federally owned ‘watch keepers stake’ in other major areas too, such as telecommunications, energy, and transport?

7 thoughts on “Bank Australis

  1. We used to have a Commonwealth Bank. But someone reckoned it was a good idea to corporatise, then privatise…. We used to have a State Bank. But someone reckoned they could use it to further political agendas…

    I do agree. Time to have a publicly owned bank again. Oooh, but that sounds a bit socialistic, doesn’t it?

    • Is the Bendigo Bank still publicly owned, or has it been swallowed up by one of the big ones.
      In my local area, a small shopping strip tried, via the shopkeepers, to drum up some interest in setting up a local bank. I signed up as an interested party, and pledged the necessary amount. That was about six years ago. This editorial has reminded me….I’ve never heard back from them. So apathy, like so many other important issues, is responsible for many things in society.

  2. Well Jack we do have similar in the Community banks set up by Bendigo all over the country now. To start one requires commitment by community members to buy the necessary amount of shares. Originally it was just in country towns like ours but has also caught on in the cities. Run by a board of local directors these banks pump back millions into community projects and pay dividends to those original shareholders. So much better than those big banks whose profits seem to disappear into the coffers of the rich and powerful.

    • Sorry, Abirdo, I hadn’t read your post before I commented. However, most of mine still applies. 🙂

  3. I agree abirdo. We have a Community Bank and it certainly is a good place to bank if you are a community group. We know the faces behind the counter or desk and they know ours.

    Most of our local community groups are totally run by volunteers and they feel more comfortable dealing with the Community Bank.

    • Jack Sprat, I jumped in with my post before I read others. Apologies.

  4. Perhaps we’re being simplistic in expecting all banks and large corporations like AMP to be totally honest.There will always be some members trying to cheat for their own ends.
    Constant supervision may be the best answer, such as the recent move to embed a Government employee to check for corruption.
    I like the idea of community banks like Bendigo, but they are only small players in the commercial world.
    Perhaps large fines for corrupt individuals rather then for the banks themselves could also help.

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