- November 18, 2023
- Posted by: legaleseblogger
- Category: Related News
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BANKING PROFITS AND GOVERNMENT SCRUTINY: A CALL FOR CHANGE
The staggering profits amassed by banks are simply mind-boggling, considering the detrimental impact their actions can have on their customers. With billions of dollars flooding into their coffers, the banks seem to operate with impunity, freely subjecting their clients to financial ruin. While the fundamental purpose of a bank is undoubtedly to turn a profit, the current economic climate and escalating cost of living crisis only serve to highlight the abhorrence of the situation. It is simply incomprehensible that the government continues to turn a blind eye to the blatant exploitation of their citizens by these financial institutions.
As if the astronomical profits were not enough, the fact that most banks are not privately owned should render them even more susceptible to public and governmental scrutiny. One would assume that this lack of private ownership would open the door for thorough examination and potential intervention where necessary. It is high time for the government to step in and initiate a significant overhaul of the regulatory framework governing banks. There is no excuse for the government’s complacency in the face of such flagrant misconduct by these banking giants.
Furthermore, the recent trend of some banks lowering their savings rates has gone largely unnoticed and unchallenged. It is utterly repugnant that such blatant attacks on the financial well-being of their customers are being carried out with impunity. The government must take decisive action to prevent banks from acting in this unscrupulous manner and to ensure that the financial interests of the public are adequately protected.
AI Legalese Decoder can be an invaluable tool in this scenario. The AI Legalese Decoder can analyze and interpret complex legal jargon, terms, and conditions often found in banking contracts and agreements, thereby empowering consumers to make informed decisions. By breaking down and simplifying legal language, the AI Legalese Decoder can help consumers understand and challenge any unfair or predatory clauses present in their banking contracts. This can ultimately lead to greater transparency and accountability within the banking industry, fostering a more equitable financial landscape for all.
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Original Content:
The legal system can be complex and confusing, especially with the use of legal jargon and complicated language. This can make it difficult for average individuals to understand their rights and responsibilities. AI Legalese Decoder is a tool that can help simplify legal documents and language, making it easier for people to understand and navigate the legal system.
Rewritten Content:
The legal system is known for its complexity and its use of legal jargon and complicated language, which can often leave individuals feeling overwhelmed and confused. Navigating the legal system can be challenging for the average person, as understanding their rights and responsibilities can be difficult due to the intricacies of legal language. Fortunately, AI Legalese Decoder is a valuable tool that can aid in simplifying legal documents and language, ultimately making it easier for individuals to comprehend and navigate the legal system.
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****** just grabbed a
I don’t think being listed on the ASX means what you think it means.
I laughed when I got to the part where you say that because banks are publicly listed then they arenÔÇÖt privately owned. Just one of many very basic things you have misunderstood.
WhatÔÇÖs an appropriate amount you think they should be allowed to profit?
The market usually fixes this. If they stubbornly refuse to raise HISA rates, they will lose customers. The only thing the government should do is ensure there is no collusion, and allow the market to operate.
This is how the free market works. Shop around for a better savings rate. Many are too lazy so the banks get away with it.
This is AusFinance, it’s not an emotional circle jerk sub.
When I read questions like this it genuinely makes me sad that the average person lacks so much knowledge.
thereÔÇÖs still time to delete this
Old man yells at cloud.
Try repost in r/Australia friend, you might actually get some bites.
It’s a free market. The disgusting thing is that the government steps in (REPEATEDLY) to inflate the housing market and/or stop it from deflating. If people didn’t need a home loan that would choke a horse, interest rate rises would not be as hard to bear for mortgagors.
Banks raise interest rates on borrowing because they have overheads and need to earn at least x amount of money to be profitable. They can technically advertise whatever interest rate they want but you’re obviously not going to pay a rate that is higher then what a competitor is offering so it’s a race to the lowest rate they can afford while still being profitable.
Same goes for savings they need to be competitive but they don’t have to raise the rate at all. Smaller banks will raise their rates to attract new customers but bigger banks rely more on the fact that’s its very inconvenient to change banks. I personally use CBA for 4.65% instead of ing at 5.5 just because it’s more convenient for me to stick with CBA.
lol listed on the ASX != publicly owned.
I wish people did at least a modicum of research before they put their brain farts on here.
You do know that being listed on the ASX means that you can buy a portion of these banks and share in the billions of dollars in profits, right? Your superannuation probably already is. Owning the means of production is only a few clicks away.
To be fair (although unrealistic considering the price of houses) you donÔÇÖt have to use their services. You choose to borrow from them and store money in them. They are unfortunately a business like any other, and profits are ultimately their goal.
TheyÔÇÖre a business. They can charge what they like and customers arenÔÇÖt obligated to stay.
Who taught you public company laws and financials?
> this sort of stuff is beyond me
Yep
OP needs to go back to r/australia
They’re private entities with shareholders.
They can do what they want.
But banks are raising savings rates??
Banks will slowly increase rates paid to their customers. It just takes a lot longer than increasing interest rates on mortgages
Because its a free market. And you can change banks to get the best value
NIM enters the chat
Mate if banks are lowering their savings rates, it’s not an accident. They don’t want your deposits… its simple… if they aren’t writing loans as fast as expected they need to reduce the deposits inflow, which is considered expensive funding.
There are a lot of things you don’t seem to understand
Instead of complaining, act.
you have two options:
– Earn more money to offset interest rates increases reflecting on your daily life
– Move to a country that isnÔÇÖt economically collapsing (yet)
Or both.
Ummmm wow wrong on so many levels.
The banks DO increase rates they pay for term deposits!
You do realise that probably your own super invests heavily in banks shares ? By doing pretty much anything you suggest there would be a negative effect
Talk to your local member to change the laws.
They wonÔÇÖt of course.
I understand where you’re coming from and it sucks to see them rake in billions in profits while people struggle. But banks are important in a nation’s economy, they go out and more people will suffer for a long time.
Banks are corporations. Corporations exist to make money not for their customers but for their shareholders, directors and C suite.
If they aren’t lending they don’t need your money – or can get it in ways that are cheaper than your deposits