Goyder says bank re-regulation a mistake

Wesfarmers managing director Richard Goyder has warned Canberra against taking populist action to re-regulate the banks, saying it would be major mistake with negative long term consequences.


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It always makes me chuckle when a high profile business man says "People can move from whichever busines Bank they choose!" Has Mr Goyder seen waht that costs? Obviously not, but then it would not worry him on the salary he is on! An example of WESTPAC $6.34 Bill profit. I had a US Bank Cheque which I paid into my Bank account. It was for US $29.45 . Guess what was paid into my account! A$5.49. The exchange rate was 97.90, but WESTPAC took A$20 for the pleasure of that transaction. Not bad fo 30 seconds work! Maybe there needs to be a super tax on the Banks. Their combined profit is $20 Bill @ 30% would provide $6 Bill and this is our money, same as the Resources sector where it comes out of our ground!

If you don't like banks then don't use them, or start one yourself which suits you better. Also, if you think they're making "super profits" then why not just invest in them?

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