Recently the head of the Australian Banking Association Anna Bligh appeared before the RRAT committee in regards to branch closures. She was unable to answer how much income banks collect in electronic transaction fees. No doubt because it would be embarrassing to admit that shutting down branches actually increases profits for the banks.
She also refused to accept that since the privatisation of the CBA, banking competition has actually gotten worse leading to a Royal Commission into Banking because of unethical behaviour by the banks.
Finally she had to cover for a banking executive from NAB who admitted in a prior inquiry that banks were unable to monitor services provided at branches.
While it’s true that CBA has developed excellent technology, that was on the back of a large domestic savings base because it was publicly owned that gave it the margins to be able to invest in technology.
It is quite obvious that banks are not interested in meeting their social licence which is why we need a public bank.
