As Europe’s banks have faltered, ours have soared. The Commonwealth Bank briefly became Australia’s biggest company this week — a moment worth reflecting on.
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COMMONWEALTH BANK
Is privatisation next in Labor’s tattered playbook?
Even after 30 years, voters loathe privatisation. That may prove a potent weapon for Labor if it is prepared to dump its history on the issue.
READ MORETips and rumours
NSW redundancies demoralise and depress … party hack slashes Greens banners? … that’s not Kevin Rudd, it’s a horse …
READ MOREMayne: why the Big Four banks should be brought to heel
The story of the Commonwealth Bank’s extraordinary profits is one of market share, market power, credit quality and huge volume growth on home loans ever since Paul Keating introduced compulsory superannuation.
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Joye: why lower risks mean lower bank returns
Despite much public interest in, and debate around, the major banks’ purported “gouging” and taxpayer-guaranteed status, some very fundamental questions remain unanswered, says Christopher Joye on Property Observer.
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Bank stand-off over interest rate cut
Crikey media wrap: The Reserve Bank’s decision to cut interest rates by 0.25% earlier this week has turned into a stand-off with ANZ the only one of the Big Four banks to pass the cuts on to customers.
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Our big four banks still among the world’s most creditworthy
Australia’s AAA sovereign rating from all three ratings groups is another reason the impact on funding costs will be minimal.
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Gottliebsen: Murray’s key to a super future
David Murray has the chance tomorrow to again put his stamp on Australian superannuation fund savings and the Australian sharemarket, Robert Gottliebsen.
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Abbott playing the Craig Thomson scandal to perfection
Opposition leader Tony Abbott is saying all the right things about NSW Labor backbencher Craig Thomson.
READ MOREBank deposit guarantee puts the squeeze on loaners
Another emergency GFC policy — the federal government’s decision to “guarantee” bank deposits of up to $1 million — is expected to be lowered in the next few months. Its reduction to between $100,000 and $250,000 could place small and medium size lenders in a difficult position.
READ MOREMerchant under fire in bank data breach affair speaks out
After speculation surrounding the identity of “the merchant” at the centre of May’s bank data breach, the head of online retailer Crazy Sales has moved to fend off rumours, writes Charis Palmer, editor of Technology Spectator.
READ MOREAussie banks ignore the basics
NAB CEO, Cameron Clyne, is in somewhat of a tough spot. On one hand, he is charged with increasing the bank’s profits, inevitably by lending more money. However, to lend more money, banks need to have money to lend — and money is getting more expensive.
READ MOREGottliebsen: how Swan gave our banks a hot flush
This month big banks have more money to lend than they ever dreamed of, which is a hidden force behind the banking price war, writes Robert Gottliebsen, of Business Spectator.
READ MOREWestpac stumbles, Kelly’s halo dims
Has the glow gone from the halo of the sainted Gail Kelly of Westpac, who according to some claims, is one of the most powerful women in the world?
READ MORERalph Norris and a bad apples-and-oranges comparison
Even though Ralph Norris is highly rated by regulators and bankers as not only doing a good job at the Commonwealth Bank, but also being a good banker, he has an unfortunate tendency to stick his Kiwi boot on his tongue and leave it there.
READ MORELet’s play bash the banks
Crikey Media Wrap: Joe Hockey and his “Hockeynomics” proposal calling for tighter banking regulation kicked off an almighty round of bash the banks, and now it seems everybody is joining in.
READ MOREBHP 3rd most valuable company as Liberal bank holdings hit $28m
With the federal government warning of revenue shortfalls on its new mineral resources rent tax courtesy of the surging dollar, it is clear BHP-Billiton could comfortably afford to pay billions more in tax if the MRRT variables were tweaked.
READ MORELove, Ralph: Commonwealth Bank CEO comforts besieged employees
This morning Crikey received the below internal memo from Commonwealth Bank CEO Ralph Norris sent to Commonwealth employees.
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Shonky products and shonky ploys: our worst of the worst
Check out the shonkiest products and ploys in the shops, with consumer watchdog Choice naming its annual worst-of-the-worst awards in Sydney this afternoon. The Commonwealth Bank, Coles, Nurofen and LG have all been named and shamed for ripping off consumers.
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Bartholomeusz: robbing the banks helps nobody
One only has to look at Europe or the US to be reminded that far worse than a banking system that is too profitable is one that is unprofitable, writes Stephen Bartholomeusz of Business Spectator.
READ MOREFee gouging: banks may take it up the class (action)
It has taken more than a decade but finally, a serious Australian legal action has been launched against 12 of Australia’s largest financial institutions for alleged fee gouging.
READ MOREDo banks really give crap customer service?
With all the bad press that banks receive, The Punch decided to put five banks to the test in a bit of old fashioned role playing, testing the speed, efficiency and friendliness of their customer service.
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Joye: What’s the difference between CBA and Fannie Mae?
Very little, says Christopher Joye. Just like the once-epic financial institution, our big banks are “too big to fail” — if they go down, so does our economy. Taxpayers will continue to subsidise them, even though they will continue to screw us over.
READ MOREHere we go again, BHP the bank?
It’s smiles all around at the RBA, the CBA’s earnings are up 54%, Standard & Poor has warned it may cut the credit of Citigroup and Bank of America, China continues to be the world’s biggest car market, and more business briefs.
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