Why is the government relying on the big four to help small businesses access jobkeeper when it could be lending the cash itself?
Bank bashing is always popular in Australia and it’s by no means confined to one side of politics. It was the former prime minister Malcolm Turnbull who introduced the big bank levy and gave us the royal commission into misconduct in the financial services industry. And, just last week, Scott Morrison and Josh Frydenberg reportedly “slammed” the big banks for being slow to process loan applications from small businesses waiting to receive their share of the promised $130bn jobkeeper wage subsidy payment.
But no matter how hard governments bash, it doesn’t put a dent in the banks’ profits. Last year the big-four banks, which between them control 78% of the home loan lending market, made more than $41bn in profit. To put that in perspective, of every $100 of income in Australia, $2.10 goes to the big-four banks.
Continue reading...from The Guardian https://ift.tt/2zLQHQ1
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