Big Four worth more than Singapores entire economy.
Article by Kevin Boyle
Although the Big Four banks claim they cannot afford to pass on full interest rate cuts to their home loan customers, they have accumulated a combined value of $340 billion in the last year.
ANZ is the latest of the big banks to announce large growth over the last year, with $1.53 billion in cash earnings. The news follows the Commonwealth Bank announcing a record $3.78 billion profit and the National Australia Bank a profit of $1.45 billion. In total the Big Four banks increased their value by over $90 billion in the last year and have a value worth more than Singapore's entire economy.
While the news may be good for the Big Four banks and their shareholders, share prices rising by 33 - 40 percent and delivering a collective profit over $25 billion, research shows that mortgage customers have been left short of an average of $1000 a year on interest rates, reports news.com.au.
"Customers need to open their eyes to what is going on as the banks are costing them thousands of dollars and the consumer needs to get the power back by shopping around and looking at the cheaper options that exist," said consumer advocate, Christopher Zinn.
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