Territory Stories

The Northern Territory news Sat 6 Nov 2010

Details:

Title

The Northern Territory news Sat 6 Nov 2010

Other title

NT news

Collection

The Northern Territory news; NewspaperNT

Date

2010-11-06

Description

This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Community newspapers -- Northern Territory -- Darwin; Australian newspapers -- Northern Territory -- Darwin

Publisher name

Nationwide News Pty. Limited

Place of publication

Darwin

File type

application/pdf

Use

Copyright. Made available by the publisher under licence.

Copyright owner

Nationwide News Pty. Limited

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/225281

Citation address

https://hdl.handle.net/10070/681259

Page content

24 NT NEWS. Saturday, November 6, 2010. www.ntnews.com.au P U B : N T N E W S D A T E : 6 -N O V -2 0 1 0 P A G E : 2 4 C O L O R : C M Y K m g 1 9 0 6 0 5 SATURDAY EXTRA l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l ntnews.com.au Lynch mob on hunt for banks The big four banks are not doing themselves any favours with a lynch-mob public that is angry over their lending rates increases, despite posting record profits. Economics correspondent COLIN BRINSDEN reports in Canberra A customer uses an ATM at a Westpac Bank branch as the company reported a full-year net profit of $6.5 billion on Wednesday HAVE we entered some sort of parallel universe, or perhaps its just this new-paradigm business? We have the Greens backing the Liberals on banking policy, and a would-be Liberal treasurer going toe to toe with banking chiefs to the extent of criticising how much they earn. Whatever happened to trickle-down economics? Emotions are running high over our glorious big four banks, which are not doing themselves any favours, collectively announcing record profits on the one hand, but large increases in lending rates on the other. Its not a good look, whether or not it is justified to cover their funding costs. Its the tall-poppy syndrome in the extreme, with the bashers being seemingly everyone, except the banks themselves and possibly savers wondering what all the hoo-hah is about given the chunky deposit rates now being offered. Much better than hiding your dosh under the bed. But it wasnt that long ago that the big four ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac were put on a pedestal as some of the finest in the world, having survived the global financial crisis in tip-top shape. They avoided the GFC black hole that sucked in major global institutions such as Lehman Brothers and Bear Stearns. But now the lynch mob is baying for blood in pursuit of the four horsemen of the apocalypse or in this case, three male and one female bank CEOs. The hysteria is drawing out all sorts of accusations, some quite absurd, as mob-members try to outdo each other in their anger.


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