Yabby:>> Speak for yourself, sonofgloin. Last time I checked, households had around 460 billion in bank deposits, which divided by 10 million households would work out to 46k$, if my back of the envelope calculation is correct.<<

Yabby you are a simple soul, being unable to correlate a fact based argument re our national savings. Let me re post my research re national savings that you obviously did not read but had the temerity to respond to.

"For most of the postwar period Australia’s national household savings were around 23 percent of GDP, but by 1991-92 this figure had fallen to 16 per cent, it is now struggling to hit 4 percent of GDP."

Yabby regardless of your simplistic attempt to exhibit that every household in Australia has a lazy $46k under the mattress, the above numbers refute your delusion of how prosperous the average Aussie is. Our household savings totaled just under a quarter of our GDP thirty years ago..... Now we have 4% of GDP total savings.

UPDATE: Yabby those numbers I trotted out were from 2009. You prompted me to go back to the ABS and look at the 2010 numbers, quote:

"The Household saving ratio was 1.5% in seasonally adjusted terms in the June quarter 2010. The trend estimate for household saving was 2.2% in the quarter."

Yabby we are worse off than a measly 12 months ago. Well I and the ABS think so....but given all you say is spin and deflection, this won’t give you any clarity. But at least I have discovered that I will learn nothing meaningful from what you say.

Shadow Minister, I made my comment on Swan, but while we are talking controlling the banks, what of Samuels. What sort of real control can the pollies exert while this dishonorable calls the shots.

Samuels has not delivered once for the protagonist when the big end of town was the defendant. The corporates that control our food, oil, utilities, and banks always come out as pristine as new borns.

Regarding real outcomes delivered to the people, Canada has enacted an act that has seen a rapid growth in small business:

"Section 50(1)(b) of the Act prohibits selling products in one area of Canada at prices lower than in another with the intention or effect of eliminating competition or a competitor. The Competition Bureau has established Predatory Pricing Guidelines defining what is considered to be unreasonably low pricing."

Small business took less than 12 months to return as a viable community wealth segment and the on flow to the domestic economy is tangible. This is the minimum Samuels could do so everything we eat and put in the car does not come from one of two in the market.

St George was the last straw for me when it came to this lubricant for the monopolies who heads the obviously corrupt ACCC.

Sonofgloin, it seems like your own research is confusing you.
For you are confusing terms and drawing wrong conclusions.

Australia is basically a trillion $ economy.

We have personal savings from the past, which sit as investments
etc.

Then we have a savings rate, which is the % of GDP each year that
we actually save.

Just like the Americans, in great times people spent more then
they earned, for they stopped worrying about that rainy day and
blew it one way or another. Our savings rate dropped down to
around 1% at one time, like the Americans.

Interestingly, as the GFC set in, Americans stopped living it up,
cut their waste of money and started saving again, ready for that
rainy day. Their savings rate increased to 4%. I'd be surprised
if Aussies didn't do the same, but would have to check.

All this has nothing to do with the money that sensible Australians
have squirreled away in bank accounts over many years, which is
the 460 billion that I mentioned.

Do not blame me, if you get confused.

Yabby:> Do not blame me, if you get confused<<

.......lol

Fair enough Songofgloin, I'll hold your hand and make it even
easier for you.

http://www.theaustralian.com.au/business/banks-sit-on-record-holdings-as-wary-consumers-save/story-e6frg8zx-1225899237294

Now even you can figure out roughly how much money people have in
banks and even you can find out how large the yearly Australian
GDP is, hint around a trillion.

So even you can figure out that your last claims were in
fact a crock.

But of course you would never admit it.

Our banks are owned by share holders not the government.
Those who scream the most are on record, saying deregulation was good for this country.
Not all banks, yet, maybe never again, put their rates up by the same amount.
They do actively compete with one another.
Controlling bank interest rates, is Socialism, what else must we impose the wishes of some on?
Fact is, far too many unthinking people are being had by opposition tin can rattling.
IF in power Abbott/Hockey would NEVER control bank interest rates.
America found, and nearly bought the world to its knees, giving low interest loans to those who could not pay, is not ever going to work.
If you can not afford the costs do not buy it, but do not forget mums and dads also invest in banks.