Do you feel our banks make too much money from people like you?

Four out of seven of Australia’s most profitable companies are banks! We have the highest fees and charges in the world.

The Investors Club believes it is time to pull our banks into line. We are calling for a Royal Enquiry into our banking system.

Help us bring some accountability to this industry that affects each one of our lives.

Notes from Kevin Young

• The Reserve Bank has followed, in my opinion, a failed policy of high rates to bring down inflation.  This means that a $300,000 loan instead of running it at say 5.82% has run at 7.82% over twenty five years.  Do you know how much money the RBA would have transferred across to the banks net profit?...  Half a million dollars.  So the RBA going forward has an opportunity to learn from its failed high rate policy and give us a sustained period of low rates that will give us a period of low inflation and will cause you to have that half a million dollars in your back pocket – to invest or spend – both helping the economy in a much more realistic and immediate way than bloated banks profits.

“A lack of questioning lead to many obscene payments including the $49m to Macquarie Banks retiring Chief Executive Officer Alan Moss” and that is a quote from Tony Harris a former senior Commonwealth Officer and past New South Wales Auditor General.  As quoted in the AFR 17 February 2009.  I can see Macquarie Banks borrowers grinding their teeth.  These were the people who were kept up on highest rates for so long and then when interest rates started to fall were still kept there by Macquarie.