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And They Say Money Doesn’t Grow On Trees

28 October 2010

So the ANZ Bank has just announced a profit of AU$5.13 billion!  Even the Coalition, the party of capitalism and big business, is critical of the way the banks (not just the ANZ) are operating in this country. For instance, they raise interest rates on home loans even when the Reserve Bank HASN’T increased the rate.  And the head of the ANZ, Mike Smith, just doesn’t understand.  He claims he has a successful business so what’s the problem? 

When I came out here from England in 2003, I opened a bank account of course (with the ANZ funnily enough) – just an ordinary account for normal day to day banking business.  I was told this would cost $10 a month, I think they said.  I was a bit taken aback – I’ve never paid for a personal bank account in my life.  Do they pay interest on this account?  No.  They have my money, they invest it to their advantage and they charge me for the privilege. 

Now I must say that I haven’t contributed greatly to this $5.13 billion but a little bit of that is mine.    But the only way I’m going to see any of it is if I become a shareholder (or the Chief Executive).

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3 comments

  1. After 21 years here I still find the banking system complex, archaic and a complete rip-off. And yet everyone seems to accept it.


  2. Lars tried to open a bank account when we were in the UK recently and was told that he needed to put in at least 10,000 pounds or else pay 8 pounds a month in fees. This was with Barclays. I think HSBC cost even more. I think all banks are like this now – not just the Aussie ones. The problem with Australia, is there is only 4 major banks. And then stupid Senator Xenophon is questioning the fact that there isn’t enough competition in the banking sector? Like no derr…


  3. Really Lien? I’ve never paid a charge on a bank account (in credit) in the UK. You can get extra-special dudey accounts that do charge, but then you are getting extra services 9and usually interest).

    In fact, I do get interest on all my (free) current and savings account at one of the biig main banks here…



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