It's the reporting season - and the ANZ bank has disclosed a record $ 5.133 billion profit, and this has caused a political frenzy.
The question seems to be - Should there be a reasonable limit on how much the banks can earn ?
Any firm that fails to make a profit will not be in business for long, but surely when four institutions have cornered the market there needs to be some sort of oversight of their behavior - and this is where opinions differ.
There are options for those who are repulsed by the gouging bank charges, but changing to a building society or credit union is a big hassle - and the banks make sure that this is not easy. Periodic payments need to be cancelled and reordered - and most people simply grizzle - and do nothing.
On the other hand, all other forms of financial business are subject to strict rules. The buying and selling of shares - and the insurance industry generally is subject to regulations. Is there any reason why the banks should not be forced to trade ethically ?
Bank excesses led to the financial meltdown that is still causing us grief. The bank bosses are not repentant - and they show no signs of having learned from that debacle.
The only thing standing in the way of a sensible accounting regime to reign in bank excesses is - politics ! Neither side of the house wants to agree to a suggestion from the other side - and so we have stalemate !
Whatever happened to looking after the best interests of the ordinary citizen ?
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