Banks are greedy thieves: Fielding

11 Aug 2010, 3:05 pm   -   Source: SBS Staff and agencies
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The Commonwealth Bank is defending its 5.6 billion dollar profit saying it supports thousands of Australians through employment and dividend payouts. (AAP)

The Commonwealth Bank is defending its 5.6 billion dollar profit saying it supports thousands of Australians through employment and dividend payouts. (AAP)

The Commonwealth Bank has come under fire from Family First senator Steven Fielding after posting a profit of $5.6b, with the Victorian Senator branding them 'greedy thieves'.

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The Commonwealth Bank has come under fire from Family First senator Steven Fielding after posting a profit of $5.6b.

The Commonwealth Bank is defending its 5.6 billion dollar profit saying it supports thousands of Australians through employment and dividend payouts.

''If Labor and Liberal had any guts they would take on the big banks and make them pay for the years of pain they've caused ordinary Australians by ripping us off time and time again," Family First Leader Senator Steve Fielding told the Sydney Morning Herald.

Australia's biggest bank reported a net profit of 5.664 billion for the 12 months to June 30 up from 4.72 billion the year before with cash profit jumping 42 per cent.
 
"The banks are a bunch of greedy thieves, ripping off Australians trying to live the dream of owning their home," said Fielding, who is in a battle to save his place in the senate in his home state of Victoria.

''The Commonwealth Bank's profit could feed a third world country for a year yet we let them get away with sending Australians into mortgage stress because of their unrelenting greed," he said.

CBA Chief executive Ralph Norris says the bank employs more than 45 thousand people, paying wages of 4.5 billion dollars which support people right across Australia.

Norris, says the bank also paid 74 per cent of its profits or 4.5 billion dollars in dividends much of which will go to Australian mums and dads.
 

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Your Comments

Banks are greedy & also thieves

Tom - from Beaumont Hills, 2 years ago

My business manager only talks about the GFC and how funding costs are now higher, almost to the point where I feel sorry that the Bank allowed me to be given a loan. Is it not enough that I am payaing double the Reserve Banks cash rate in interest to them. Also, what % of the 4.5bn went to "mums & dads" that have home loans, probably none, as they do not have any money to investm, as the Bank is taking all their income in repayments, now that's "different".

Spot on

CT - from Melbourne, 2 years ago

If Rudd had put a Tax on the banks instead of the mines he would have been voted back without a worry.

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