Aussie big banks are ‘monopolistic’
Our big banks are the world's most concentrated in terms of ownership and most profitable per capita. They pocketed $1460 for every person in the country according to the Australian Institute.
More than 50 per cent of the owners of the big four – ANZ, Commonwealth Bank, National Australia Bank and Westpac – are held by the same nominee companies. Only a tenth of the banks' super profits find their way back into the nation's superannuation accounts.
Australian Institute banking analyst David Richardson warns the concentrated ownership of the banks may have "adverse consequences for consumers" as it opens the door for the banks to act in a monopolistic fashion.
Last week, three of the four – NAB, CBA and Westpac – lowered their mortgage rates by exactly the same amount within hours of each other.
Source: The Australian