"Randall's political mistake with his dumb comment shows how disingenuous politics has become in Australia. Disingenuous on BOTH sides."

Spot on samsung.

Politics and policy has become a sporting event and like some sporting events blind faith and dogma influence the mindless barracking from the sides where facts cannot be separated from spin. Both sides do it - the Afghanistan trip was one equally embarrasing on both sides with the reversion to kindergarten politics.

The Murray Darling debate is another example with commentary influenced purely by political position as oppossed to commonsense and practical analysis.

Of course since changes were made to things like the Trade Practices Act, all Australian working people and consumers are subjected to the nonsense that markets forces alone will deliver a better standard of living.

The opposite of course is the truth. As an older worker on a fixed wage, the massively rising prices of things such power, fuel. food etc are all climbing at rates well beyond that of the so called inflation index. This is having the effect of reducing my living standards practically minute by minute and my assets and the things I have worked for are disappearing, swallowed by the fact that my wages are not rising to compensate for the rising cost of living.

The only way out is to find a better paying job, but this option is not available to older workers in general.
Loyalty in workplaces has disappeared and for good reason.
Whom after all would be loyal to an employer whom is happy to reside over your reducing living standards whilst feathering their own nest.

Hockey was on the right track except he didn't have the guts to say that we do need to regulate the banks.
Why?, because they clearly cannot be trusted to do the right thing by their customers.

The only standard rising in Australia today is profit margins, thereby widening the gap between rich and poor, and the power the man on the street has to solve his own problems now don't exist.

The thought police are out telling us about the abomination of regulation, so that the status quo can be maintained. All the power rests with the big end of town, whom have a record of looking after themselves at the expense of the ordinary citizen.

Have me cast in stocks and throw rotten fruit at me for suggesting that big business is incapable of honesty or integrity. cont...

The only time the rich are benevolent is when they think they can see Gods door and think they can buy their way into heaven. Why not, its always worked in the past.

Money is power in todays world more than it ever was in the past and in a so called free market in todays Australia, corporations are not even required to tell the truth.

I proved to Telstra that they lied to us when negotiating a contract. They responded by offering a $40 credit. I replied by saying Oh, so you can quantify deception in dollar terms can you?. The sad truth is they can.

Yabby:>> the largest shareholders are in fact super funds, so profits go into the accounts of most working Australians, even if they are not aware of it.<<

Yabby you are so full of it that it "must" be leaking from your shoes. Yes you used the qualification of super funds on the previous two occasions to justify the "good works" of the banking sector as well.

Usury by its nature requires many clients and so it is fair to assume that those wanting to borrow the money or use the facilities are the majority of us. I example the RECORD profit of the Commonwealth bank. Last financial the Commonwealth Bank announced a record yearly profit of more than $5.6 billion.

Some points by the ABC economic correspondent Stephen Long in August this year after the profit announcement.

>> A strong result for shareholders but it has sparked a debate about just how much profit is acceptable.<<

>> And critics, from the left to right, are bemoaning a decline in competition in the industry.<<

>> Commonwealth Bank's net profit, up 20 per cent. Their cash profit, was even bigger at $6.1 billion.<<

>> RALPH NORRIS: We delivered for our shareholders, by raising the final dividend by 55 cents, to $1.70, an increase of 48 per cent.<<

>> The underlying profits of Australian banks are so large that in effect $3 out of every $100 earned in Australia is the underlying profits of the Australian banks.<<

Yabby the measly return that the banks via superfund’s give to the plebs come from his own pocket, it costs the poor bugger $2 every time he wants to get his own money from a hole in the wall. I have had monthly statements with over $100 in transaction fees. The ordinary sod now has account keeping and transaction fees as a regular part of their association with the banks, and you justify the pittance return in percentage terms that the sod gets from his stupidfund as charitable works almost.

Yabby stick your super and banks where the sun doesn't shine for anyone excepting you perhaps.

*Yabby stick your super and banks where the sun doesn't shine for anyone excepting you perhaps.*

Not so, sonofgloin. I simply put reason and knowledge before emotion,
when analysing bank figures. I can't help it, if you are badly
informed.

*it costs the poor bugger $2 every time he wants to get his own money from a hole in the wall. I have had monthly statements with over $100 in transaction fees*

Funny that, it costs me nothing, just a flat fee of 13$ a month,
but I bank with Westpac. You are free to negotiate with your bank.
Running those branches, and those website etc, does not come cheap,
nor does operating teller machines. Did you want something for
nothing perhaps?

Now lets look at cba, I had a quick look at their figures.
6 billion profit on company worth 80 billion. So the return is
a bit over bank interest, but with far more risk.

Total assets on cba books were 646 billion $. 6 billion = a bit
under 1c in the Dollar.

Profit per share 2008 was 3.44
Profit per share 2010 was 3.57

They forgot to tell you that dividends were reduced dramatically
by most banks in 2009, due to the GFC. They then raised extra
billions, in the case of cba it was around 5 billion, IIRC.

Where did their extra profits come from in 2010? Insitutional banking. Not retail banking. Their margin was around the same
in retail banking. They just did more business, as so many
overseas banks turned tail and ran. They even picked up Bankwest for
a song, because of that.

You really should do your homework sonofgloin, before waving your
verbal fists around. Its better for blood pressure too :)

.

Australian politics is in trouble.
This thread is much like Canberra, we fight for the sake of fighting.
Left right center get involved in slanging matches.
For the left to support Hockey on this issue,not to even begin to understand the out come of such nonsense wearys me.
We live in a world that no longer is a war place between workers and well off.
Many workers, on the back of international economy, own 3 maybe more houses.
If this country controls interest rates ,over night our dollar would drop well below Americas, our economy would follow.
Unhappy will Gillards as I am I agree with her on Abbott.
We mostly will soon,, he is confrontation at any price.
Australia must be given a chance construct Tony and Julia a reason for a double dissolution election.
On behalf of the majority, give government to one or the other, even work together.
But stop this decent in to lunacy.