‘Pillars’ of banking are failing Australia

May 26 2017 - 11:00am
John Carter asks: Why are people doing really useful jobs being paid as much as 200 times less than the doyens of our banking system?
John Carter asks: Why are people doing really useful jobs being paid as much as 200 times less than the doyens of our banking system?

AUSTRALIA’S four bank “pillars” account for more than 25 per cent of the ASX 200 capitalisation. Their profits and payments to senior executives are obscene. They have been granted the privilege of creating credit with the guarantee the government will bail them out if they get into trouble. We have recently seen a chief executive retire with a $10-million bonus after making disastrous ventures into China.

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