Bank profits not excessive: ABA

The Australian Bankers' Association has hit back at claims that banks are making record profits due to reduced competition, as the Senate announces an inquiry into the sector.


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I am surprised by Hockey's profound ignorance. Whilst I would prefer to support the Libs over Labor, Hockey should decide on whose party he serves. The owners of banks are super funds, individuals and institutional investors. Devoid of the banks, what other segment of the stock exchange is there to provide stable returns? Whilst Hockey cries, if the Libs get into power, they will 'love' the taxes they receive from the banks. If he is so concerned about gouging, why not call for a change to stamp duties which gouges everyone intent on purchasing a house.

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