I know, I know, a provocative headline for sure. Sit back have a serious think about it. How do you feel about banks? Then ask yourself why you feel this way?
I myself don't feel any malice toward them, maybe that is because I have never been struck with a monster fee, I have however been caught numerous times with many smaller fees (under $40). I understand they have a business to run and I do know the rules. What has got to me is the recent run in anger and outright hatred toward them. Is it justified or have we become a country of whingers believing whatever course the media is currently feeding us?
Today I will discuss the point about Banks and their levels of profits. I often hear the statement "banks are just making too much money". To these people, what is an appropriate level of profit for a bank to make? Should we introduce a communist system to tell a particular industry how much profit they should make regardless of their efficiency? To me that sounds like an argument being made by a raving mad-man or an egalitarian looking for their little piece of Nirvana. Yes the rules do need to be strict around banks, just like any other industry, perhaps even more so but I believe a sound banking system is one of the keys to a strong economy. A strong economy isn't just to make the rich wealthier but to enable any individual within it the recipe to a better life regardless of their goals (by better I am not referring strictly to money or wealth). Also strong banks means higher tax reciepts for the Australian government. I would estimate that the tax the big 4 pays would be north of $6,000,000,000. They are paying their share to help deliever the services and safety net that we as Australians have begun to take for granted.
In my next blog post I will discuss the notion of Australia becoming a country of winger and the ability of Australian media to force feed ideas and change public opinion.
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