The Commonwealth Bank Fleecing Australians
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The Commonwealth Bank (CBA) regularly makes billions of dollars profit every year. The share price of CBA is one of the highest for any bank in the world. $157.06 as of the 6th of December 2024. Despite this someone at the bank felt that it was a good move to charge many poorer Australians $3 every time that they withdrew cash from their own CBA bank accounts. This is the world we live in. The Commonwealth Bank fleecing Australians to extract even more profit out them during a cost of living crisis.
“The Commonwealth Bank has posted a net profit of $9.5 billion, down 6 per cent from its record result last financial year, while noting that younger Australians are bearing the brunt of the impact of the rising cost of living.”
Charging Aussies $3 to Withdraw Their Own Cash At CBA?
More recently, a decision to delay the introduction of this new revenue raising measure has been made by the bank. You do wonder what planet the executives at CBA actually live on? For the younger members of the audience the Commonwealth Bank used to be our state owned national bank. I am pretty sure that we were all assured at the time of the privatisation that CBA would maintain the goodwill of the nation by not screwing its customers for profits over all else. Surprise, surprise we find ourselves in that exact position, bent over a barrel with our daks down.
Commonwealth Bank Knows No Shame
The big four banks in Australia are among the most profitable in the world and the Commonwealth Bank stands at the top of this quartet of billion dollar profit generating giants. A lack of market choice in the financial sector does not serve ordinary Australians well. Oligopolies look after shareholders in the company and their executives to the detriment of customers. The ACCC has been the toothless tiger in the room for decades. Its failure to protect competition in any sector in Australia has been a huge running joke in the boardrooms across the nation. Indeed, those working at the ACCC are merely waiting to be employed by those corporations they are supposed to be monitoring.
Australia has become a deeply inequitable and unaffordable home for many of its citizens. The rapacious greed of banks, supermarkets, accountants, corporate minions, and the political class that represents them has turned the ‘so-called’ lucky country into a waking nightmare. Imagine not being able to put enough food on the family table, not being able to afford to pay the rent, meet your mortgage payments, and all the while banks like CBA are raking in billions in profit. Where is the justice in this? The governing of Australia has not looked after all the people but only those who have money.
You have to have a bank account in Australia to receive welfare – it is not a choice. If you pay digitally for things you are charged a fee for every transaction. Now, the CBA wants to charge $3 for every cash withdrawal from these accounts. This is the rentier economy, where fees and charges are imposed upon every aspect of living. There is no freedom left in Australia, as cash money was the last bastion. It is a land of bankers, corporate bastards and complicit politicians.
Robert Sudha Hamilton is the author of Bite & Smile – his brand new book which has just been published. https://www.amazon.com.au/dp/B0DPM9WS6K
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