It's the economy, stupid!

 
  allan Chief Commissioner

And it's well and good to install "the world's biggest battery", a technology of which even I have a basic understanding - but, a gen IV nuclear reactor, which, at best, will be experimental... NIMBY!!!!!!!!!!!!!!

Sponsored advertisement

  kitchgp Chief Commissioner

Why limit the power discussion to SA? NSW couldn't cope with the same heat wave that caused the controversy in SA, when it moved to NSW a couple of days later.
http://www.smh.com.au/business/energy/insecure-state-gas-generator-failures-in-heatwave-pushed-nsw-to-the-brink-20170222-guigsd.html
Filching power from other states wasn't seen as a problem for NSW. For some reason (SA Labor, NSW LNP perhaps) Commonwealth ministers seem to ignore the NSW situation when deriding SA and its power problems and seem to lump in the earlier distribution problems caused by the wind.

As mentioned above, it's not government that is closing the power stations, it's private owners. Hazelwood was long past its use by date (although still online during the above heat wave). Private industry's price maximising practices, such as inconveniently scheduling maintenance, need examining. Fixing the gas price will go a long way to providing a solution
  wobert Chief Commissioner

Location: Half way between Propodolla and Kinimakatka
What type of engine is going to be used with the hydrogen fuel? If it is a standard piston engine, I'd like to know where the noise reduction comes from.
The City of Moreland is the most idiot-driven municipality on the map. I'm in the City of Yarra which has its moments, but it's nothing compared to our neighbouring mob.
Valvegear
A dirigible
  Groundrelay Chief Commissioner

Location: Surrounded by Trolls!
...As mentioned above, it's not government that is closing the power stations, it's private owners. Hazelwood was long past its use by date (although still online during the above heat wave). Private industry's price maximising practices, such as inconveniently scheduling maintenance, need examining. Fixing the gas price will go a long way to providing a solution
kitchgp
Back in the late 90's there were warnings that the boom in air conditioning especially for McMansions was going to place a huge strain on infrastructure, much of which was approaching the end of its economic life. The cost of replacing and upgrading poles and wires helped drive privatisation. It's in the governments own defence they blame renewables when it's been a failure of competition policy that's got us to this state.

"The Australian Competition and Consumer Commission says the states have been focused on making as much money as possible from their energy businesses at the cost of their citizens.

Chairman Rod Sims said governments have been behind increasing power prices, which have risen steadily in recent years, with no regard to making it affordable. "

http://www.abc.net.au/news/2017-07-27/accc-accuses-states-of-price-gouging-over-electricity-supply/8748766
  michaelgm Chief Commissioner

On a cold still night in the Sydney basin, the joint smells like a bushfire people are obviously looking for other, maybe cheaper heating options.
In relation to government, had things not changed, we would have an ETS now. People/business won't stump up capital without certainty.
I fear we are heading rapidly back to the dark ages.
And privitisation Smegs me to tears. Soon enough there will be nothing left to flog.
  don_dunstan Dr Beeching

Location: Adelaide proud
On a cold still night in the Sydney basin, the joint smells like a bushfire people are obviously looking for other, maybe cheaper heating options.
michaelgm
It's the same in lots of cities, Launceston is apparently very smoky in winter because its in a basin, Ballarat can be quite smoky in the winter if it's very still. Somewhere near my house in suburban Adelaide someone regularly burns briquettes (I'm familiar with the smell) I'm guessing to keep warm. Once it gets smoky on a still Canberra winter's night I guess we'll get federal action to prevent people trying to burn things to keep warm...
It's in the governments own defence they blame renewables when it's been a failure of competition policy that's got us to this state.
Groundrelay
It's both. Renewables became part of the rationale in gold-plating everything.
  Groundrelay Chief Commissioner

Location: Surrounded by Trolls!
Expect nothing of substance out of todays meeting with energy providers.

Just put everyone on "the best deal"... that'll make a heck of a difference. Won't it? Surprised
  don_dunstan Dr Beeching

Location: Adelaide proud
Expect nothing of substance out of todays meeting with energy providers.

Just put everyone on "the best deal"... that'll make a heck of a difference. Won't it? Surprised
Groundrelay
The 'best deal' was indeed the SECV/ETSA.

The Commonwealth Bank almost tops $10 billion p/a profit as announced today - perhaps if they really get into the money laundering thing they can really go into overdrive? Perhaps a 'no questions asked' branch where they accept stolen goods in exchange for laundered cash straight into your squeaky-clean bank account? Oh - hang on. That market has already been cornered by Cash Converters...
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
On a cold still night in the Sydney basin, the joint smells like a bushfire people are obviously looking for other, maybe cheaper heating options.
It's the same in lots of cities, Launceston is apparently very smoky in winter because its in a basin, Ballarat can be quite smoky in the winter if it's very still. Somewhere near my house in suburban Adelaide someone regularly burns briquettes (I'm familiar with the smell) I'm guessing to keep warm. Once it gets smoky on a still Canberra winter's night I guess we'll get federal action to prevent people trying to burn things to keep warm...
It's in the governments own defence they blame renewables when it's been a failure of competition policy that's got us to this state.
It's both. Renewables became part of the rationale in gold-plating everything.
don_dunstan
I lived in L'ton for 6 years before they banned open fires I think. In winter on a still night the fog is a true pea soup due to the hills and inversion.

With rising power prices I see home fires becoming again popular even if they are not legal, especially in semi and rural areas its hard to police.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
Why limit the power discussion to SA? NSW couldn't cope with the same heat wave that caused the controversy in SA, when it moved to NSW a couple of days later.
http://www.smh.com.au/business/energy/insecure-state-gas-generator-failures-in-heatwave-pushed-nsw-to-the-brink-20170222-guigsd.html
Filching power from other states wasn't seen as a problem for NSW. For some reason (SA Labor, NSW LNP perhaps) Commonwealth ministers seem to ignore the NSW situation when deriding SA and its power problems and seem to lump in the earlier distribution problems caused by the wind.

As mentioned above, it's not government that is closing the power stations, it's private owners. Hazelwood was long past its use by date (although still online during the above heat wave). Private industry's price maximising practices, such as inconveniently scheduling maintenance, need examining. Fixing the gas price will go a long way to providing a solution
kitchgp
There is actually quite a big difference.

NSW pulled some power from other states, maybe I don't know. but it was limited as % of their total output. Yes they also called on Tomago to cut load for which they have a contract to do so although I heard the GM complaining it was longer than the contract time frame.

SA pulled the bulk of their power from interstate and had black outs as well. SA's load varies from ~1000MW at lowest to 3500MW at highest and they have through their reliance on wind, limited base load Gas a 700km long inter-connection and back up generators. That's a massive swing and more than NSW has to deal with and one that is always costly to deal with and a result of having limited industry to provide a base load.

SA needs a base load generator for summer, around 800MW. Coal is usually the easier choice as the coal is easier and fare cheaper to stockpile. For example 1 x train set could be running a continuous loop from say NSW to maintain the stockpile all year round.  No peak prices to compete with.
  don_dunstan Dr Beeching

Location: Adelaide proud
As if to underscore how clueless our ruling elite are, RBA Governor Phil Lowe addresses the House of Reps. Standing Committee on Economics to tell them that the reasons wages are not rising are "complex": (link here)

One possibility is that workers feel a heightened sense of potential competition; either from advances in technology or from international competition. More competition means less opportunity to put your price up. In the case of workers, it means slower rates of increase in wages.

Really? So the fact that there's a million plus 'guest' workers here has no bearing at all on wages going down? I mean he's using a market analogy - the fact that there's so many more people competing for only a slightly larger number of jobs - isn't that putting a ceiling on the capacity of people to ask for more money, especially if they're in unskilled or semi-skilled industries that are saturated with 'guest' workers (hospitality, fast food, IT).

There are more flashes of brilliance from a very observant Phil Lowe:

Another factor that has a bearing on the outlook is the behaviour of households. There is an adjustment going on, with many people getting used to lower growth in their real wages. Many now see this as more than just a temporary development, with wage increases of 2 point something per cent now the norm. In my view, the underlying drivers of the slower wage growth in Australia are much the same as we are seeing overseas. At the same time, the household sector is also dealing with higher levels of debt relative to income.

You mean that the highest household debt in the world and the highest domestic electricity prices in the world might also be crimping people's capacity to spend recklessly? He's king of the bleeding obvious, isn't he.
  Groundrelay Chief Commissioner

Location: Surrounded by Trolls!
...The Commonwealth Bank almost tops $10 billion p/a profit as announced today - perhaps if they really get into the money laundering thing they can really go into overdrive? Perhaps a 'no questions asked' branch where they accept stolen goods in exchange for laundered cash straight into your squeaky-clean bank account? Oh - hang on. That market has already been cornered by Cash Converters...
don_dunstan
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.

Watching Ian Narev giving the results presentation, the guy came across very well. I was impressed, CBA couldn’t do better with an Oscar winning actor.

From a systems perspective what happened to regression testing of the change? Surprised
CBA like many corporate and government enterprises has been hell bent on driving down costs including IT delivery, QA and compliance. The CBA revelations follow on from Upper Darling irrigation and NSW Waste Management scandals where monitoring and compliance has failed.

Since CBA was privatised it was on a mission to exorcise the government bank image. This is where you end up.

P.S. Apparently the machines only contribute a miniscule amount to the bottom line.
  don_dunstan Dr Beeching

Location: Adelaide proud
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.
Groundrelay
Even to the point where finance, real-estate and banking is the only game in town? And please don't use that ridiculous "we're all in this together" lie that Anna Bligh trots out, our Big Four banks are actually majority-owned by overseas interests. When she talks about the pain of ordinary Australians who hold bank shares in their super, she's really talking about the pain of massive overseas hedge funds and investment banks. There's nothing remotely Australian or 'ordinary business' about our Big Four Banks, they're massive profit-making machines for their overseas majority owners.
Watching Ian Narev giving the results presentation, the guy came across very well. I was impressed, CBA couldn’t do better with an Oscar winning actor. From a systems perspective what happened to regression testing of the change?
Groundrelay
They knew full well what they were doing. Nobody will lose their job or be held responsible; yet if any private citizen did what they did they'd be going to jail for a very long time.

Our banks have positioned themselves as untouchable and sacred. Nothing will stop them, nothing and nobody will hold them to account.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
...The Commonwealth Bank almost tops $10 billion p/a profit as announced today - perhaps if they really get into the money laundering thing they can really go into overdrive? Perhaps a 'no questions asked' branch where they accept stolen goods in exchange for laundered cash straight into your squeaky-clean bank account? Oh - hang on. That market has already been cornered by Cash Converters...
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.

Watching Ian Narev giving the results presentation, the guy came across very well. I was impressed, CBA couldn’t do better with an Oscar winning actor.

From a systems perspective what happened to regression testing of the change? Surprised
CBA like many corporate and government enterprises has been hell bent on driving down costs including IT delivery, QA and compliance. The CBA revelations follow on from Upper Darling irrigation and NSW Waste Management scandals where monitoring and compliance has failed.

Since CBA was privatised it was on a mission to exorcise the government bank image. This is where you end up.

P.S. Apparently the machines only contribute a miniscule amount to the bottom line.
Groundrelay
Yes in Australia if a small business charges 50-100% markup and makes an undisclosed profit that keeps the owner's driveway the highlight of the suburb, thats ok.  But if a bank or large business makes a commercial rate of return, its suddenly a rip off.

Most of us are investors in the big banks one way or another. Their profit margin has a direct link on our retirement income.

If you don't like the service they provide, fine, don't use them, there are plenty of other alternatives, however most could not be bothered to look, they'd rather complain.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.
Even to the point where finance, real-estate and banking is the only game in town? And please don't use that ridiculous "we're all in this together" lie that Anna Bligh trots out, our Big Four banks are actually majority-owned by overseas interests. When she talks about the pain of ordinary Australians who hold bank shares in their super, she's really talking about the pain of massive overseas hedge funds and investment banks. There's nothing remotely Australian or 'ordinary business' about our Big Four Banks, they're massive profit-making machines for their overseas majority owners.
don_dunstan
Well off you go, list the ownership!!!

This is typical anti-bank bashing, why because they are successful.

They are Australian companies operating here with the bulk of their staff here. They make significant incomes Off-shore, in some cases more than on shore. Most of us are investors in the banks and therefore have a vested interest in their profit margin.
  don_dunstan Dr Beeching

Location: Adelaide proud
Well off you go, list the ownership!!!

This is typical anti-bank bashing, why because they are successful.

They are Australian companies operating here with the bulk of their staff here.
RTT_Rules
Citibank, JP Morgan, US-hedge fund National Nominees and HSBC own the most; the other foreign owners are various pension and hedge funds from places like Canada, Asia and the Europe. The actual percentage of ownership held by Australian retail shareholders and super funds is not that great; unlike Qantas (for example) they are not restricted in the amount that can be owned by off-shore interests but they are still prevented by the Commonwealth government from merging with each other... for the time being.

Between them, the Big Four ultimately control 80% of all retail deposits in Australia. Think about that for a moment - despite all the efforts in increase competition in banking over the last thirty years the banks are more concentrated in those four than ever before. It's because they had people on the inside like Peter Costello and other real estate and finance industry people invading Canberra and promoting their agenda ahead of everything else.

The Big Four banks also sell the majority of retail investment funds through vehicles like the ASX (57%) and ultimately are behind 53% of life insurance policies sold in Australia. Just imagine if they can successfully steal the majority of superannuation funds from the co-operative superannuation industry - they'll control nearly all the insurance, all the investments and all the retail deposits in Australia. Do you think that's a good idea given how unethical they've been shown to be with their life insurance and investment advice over the last few years? They really don't give a damn about selling private consumers junk insurance or bad investments, as long as they continue to make their record profits they don't care - it's all about plausible deniability when they get caught doing it.
They make significant incomes Off-shore, in some cases more than on shore. Most of us are investors in the banks and therefore have a vested interest in their profit margin.
RTT_Rules
No, they really don't. In fact every time they venture off-shore they get their bums kicked very soundly - NAB (for example) has done nothing but fail every time they invest or start-up overseas; they're all hopeless at trying to make money off-shore because they have things so very easy in good old Aussie. The Big Four realised long ago that it was much easier to destroy all the (very feeble) competition in Australia and just make world-record profits here by being involved in every single aspect of finance in this nation, clipping every ticket every time money changes hands in Australia - explored further in this interesting Michael Janda piece from a year ago (ABC).

It is NOT a healthy situation to have so much of our national economy involved in backing up this unsustainable situation.
  YM-Mundrabilla Minister for Railways

Location: Mundrabilla but I'd rather be in Narvik
...The Commonwealth Bank almost tops $10 billion p/a profit as announced today - perhaps if they really get into the money laundering thing they can really go into overdrive? Perhaps a 'no questions asked' branch where they accept stolen goods in exchange for laundered cash straight into your squeaky-clean bank account? Oh - hang on. That market has already been cornered by Cash Converters...
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.

Watching Ian Narev giving the results presentation, the guy came across very well. I was impressed, CBA couldn’t do better with an Oscar winning actor.

From a systems perspective what happened to regression testing of the change? Surprised
CBA like many corporate and government enterprises has been hell bent on driving down costs including IT delivery, QA and compliance. The CBA revelations follow on from Upper Darling irrigation and NSW Waste Management scandals where monitoring and compliance has failed.

Since CBA was privatised it was on a mission to exorcise the government bank image. This is where you end up.

P.S. Apparently the machines only contribute a miniscule amount to the bottom line.
Yes in Australia if a small business charges 50-100% markup and makes an undisclosed profit that keeps the owner's driveway the highlight of the suburb, thats ok.  But if a bank or large business makes a commercial rate of return, its suddenly a rip off.

Most of us are investors in the big banks one way or another. Their profit margin has a direct link on our retirement income.

If you don't like the service they provide, fine, don't use them, there are plenty of other alternatives, however most could not be bothered to look, they'd rather complain.
RTT_Rules
Increased retirement income is always nice but NOT from money laundering thank you!
There have been just far too many scandals surrounding the Commonwealth Bank, its personnel and its satellite organisations.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
...The Commonwealth Bank almost tops $10 billion p/a profit as announced today - perhaps if they really get into the money laundering thing they can really go into overdrive? Perhaps a 'no questions asked' branch where they accept stolen goods in exchange for laundered cash straight into your squeaky-clean bank account? Oh - hang on. That market has already been cornered by Cash Converters...
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.

Watching Ian Narev giving the results presentation, the guy came across very well. I was impressed, CBA couldn’t do better with an Oscar winning actor.

From a systems perspective what happened to regression testing of the change? Surprised
CBA like many corporate and government enterprises has been hell bent on driving down costs including IT delivery, QA and compliance. The CBA revelations follow on from Upper Darling irrigation and NSW Waste Management scandals where monitoring and compliance has failed.

Since CBA was privatised it was on a mission to exorcise the government bank image. This is where you end up.

P.S. Apparently the machines only contribute a miniscule amount to the bottom line.
Yes in Australia if a small business charges 50-100% markup and makes an undisclosed profit that keeps the owner's driveway the highlight of the suburb, thats ok.  But if a bank or large business makes a commercial rate of return, its suddenly a rip off.

Most of us are investors in the big banks one way or another. Their profit margin has a direct link on our retirement income.

If you don't like the service they provide, fine, don't use them, there are plenty of other alternatives, however most could not be bothered to look, they'd rather complain.
Increased retirement income is always nice but NOT from money laundering thank you!
There have been just far too many scandals surrounding the Commonwealth Bank, its personnel and its satellite organisations.
YM-Mundrabilla
Obviously not good but a tiny tiny fraction of one bank.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
Well off you go, list the ownership!!!

This is typical anti-bank bashing, why because they are successful.

They are Australian companies operating here with the bulk of their staff here.
Citibank, JP Morgan, US-hedge fund National Nominees and HSBC own the most; the other foreign owners are various pension and hedge funds from places like Canada, Asia and the Europe. The actual percentage of ownership held by Australian retail shareholders and super funds is not that great; unlike Qantas (for example) they are not restricted in the amount that can be owned by off-shore interests but they are still prevented by the Commonwealth government from merging with each other... for the time being.

Between them, the Big Four ultimately control 80% of all retail deposits in Australia. Think about that for a moment - despite all the efforts in increase competition in banking over the last thirty years the banks are more concentrated in those four than ever before. It's because they had people on the inside like Peter Costello and other real estate and finance industry people invading Canberra and promoting their agenda ahead of everything else.

The Big Four banks also sell the majority of retail investment funds through vehicles like the ASX (57%) and ultimately are behind 53% of life insurance policies sold in Australia. Just imagine if they can successfully steal the majority of superannuation funds from the co-operative superannuation industry - they'll control nearly all the insurance, all the investments and all the retail deposits in Australia. Do you think that's a good idea given how unethical they've been shown to be with their life insurance and investment advice over the last few years? They really don't give a damn about selling private consumers junk insurance or bad investments, as long as they continue to make their record profits they don't care - it's all about plausible deniability when they get caught doing it.
They make significant incomes Off-shore, in some cases more than on shore. Most of us are investors in the banks and therefore have a vested interest in their profit margin.
No, they really don't. In fact every time they venture off-shore they get their bums kicked very soundly - NAB (for example) has done nothing but fail every time they invest or start-up overseas; they're all hopeless at trying to make money off-shore because they have things so very easy in good old Aussie. The Big Four realised long ago that it was much easier to destroy all the (very feeble) competition in Australia and just make world-record profits here by being involved in every single aspect of finance in this nation, clipping every ticket every time money changes hands in Australia - explored further in this interesting Michael Janda piece from a year ago (ABC).

It is NOT a healthy situation to have so much of our national economy involved in backing up this unsustainable situation.
don_dunstan
Don, I asked you to list the owners, not investment houses that own parts of Com Bank. These organisations are in most cases using other peoples money through Super/pension funds etc. If you go into the detail, you will see NAB owns part of Com Bank and vice versa, but who owns NAB etc, you need to drill down not misquote poorly written news articles. Australia has the 13th largest economy and one of highest income per capita in world, hence like it not, there is a large amount of Australian money invested OS and likely in the main four institution.

You mention 30 years, Costello was Treasury for 11 years, so NEXT!

So after 30 years of people whinging and tabloid media of the "MASSIVE PROFITS" and rip offs that these banks supposdly do, Aussies are still lining up generation after generation and note we are now a global economy, why are people not using banks OS? Its not like you need to go into a branch anymore.

Well one of the Big 5 or 6 banks has my investment portfolio through their own brand name Managed funds. I choose it, they didn't make me. I looked around and they gave me what worked. So no I have no issue with it. Its a free country,

So you hear about NAB's screw ups, do you know about their success stories or others?

What is the actual percentage of OS income for any or all the big 4 or more banks? Please share
  YM-Mundrabilla Minister for Railways

Location: Mundrabilla but I'd rather be in Narvik
...The Commonwealth Bank almost tops $10 billion p/a profit as announced today - perhaps if they really get into the money laundering thing they can really go into overdrive? Perhaps a 'no questions asked' branch where they accept stolen goods in exchange for laundered cash straight into your squeaky-clean bank account? Oh - hang on. That market has already been cornered by Cash Converters...
I don’t have a problem with the profit given the size and capital value of the CBA. The amount whilst it sounds huge is relatively average. 800,000 small investors and millions more through their Super need a profitable CBA, especially in a low interest environment where term deposits pay SFA.

Watching Ian Narev giving the results presentation, the guy came across very well. I was impressed, CBA couldn’t do better with an Oscar winning actor.

From a systems perspective what happened to regression testing of the change? Surprised
CBA like many corporate and government enterprises has been hell bent on driving down costs including IT delivery, QA and compliance. The CBA revelations follow on from Upper Darling irrigation and NSW Waste Management scandals where monitoring and compliance has failed.

Since CBA was privatised it was on a mission to exorcise the government bank image. This is where you end up.

P.S. Apparently the machines only contribute a miniscule amount to the bottom line.
Yes in Australia if a small business charges 50-100% markup and makes an undisclosed profit that keeps the owner's driveway the highlight of the suburb, thats ok.  But if a bank or large business makes a commercial rate of return, its suddenly a rip off.

Most of us are investors in the big banks one way or another. Their profit margin has a direct link on our retirement income.

If you don't like the service they provide, fine, don't use them, there are plenty of other alternatives, however most could not be bothered to look, they'd rather complain.
Increased retirement income is always nice but NOT from money laundering thank you!
There have been just far too many scandals surrounding the Commonwealth Bank, its personnel and its satellite organisations.
Obviously not good but a tiny tiny fraction of one bank.
RTT_Rules
Confirms my long held belief that if one is big enough virtually any crime becomes a fraction and one can get away with it as a small part of the empire. The Commonwealth Bank will surely get away it.

Obeying the law is becoming increasingly optional in Australia.
  don_dunstan Dr Beeching

Location: Adelaide proud
Well one of the Big 5 or 6 banks has my investment portfolio through their own brand name Managed funds. I choose it, they didn't make me. I looked around and they gave me what worked. So no I have no issue with it. Its a free country,
RTT_Rules
So your own self-interest is at the heart of your vigorous defence of the banks?
Confirms my long held belief that if one is big enough virtually any crime becomes a fraction and one can get away with it as a small part of the empire. The Commonwealth Bank will surely get away it. Obeying the law is becoming increasingly optional in Australia.
YM-Mundrabilla
If Narev was a responsible CEO he would resign for presiding over a large scale money laundering at his bank, accidental or not. My suspicion is that they knew perfectly well what was going on with the automated cash machines but didn't care because they knew that the punishment would be extremely light. They calculated that the public and government regulator outrage would be minimal (and so far so good). It's people who try and explain away the corrupt behaviour who have allowed this behaviour to flourish in the Aussie banking sector because they believe that not following the rules is good for their portfolio - "whatever it takes" kind of thing.
  RTT_Rules Oliver Bullied, CME

Location: Dubai UAE
Look around the world. Strength of the domestic banking sector is directly linked to economy, govt and overall domestic incomes and Std of living.

Becareful for what you wish for.
  don_dunstan Dr Beeching

Location: Adelaide proud
Look around the world. Strength of the domestic banking sector is directly linked to economy, govt and overall domestic incomes and Std of living.

Becareful for what you wish for.
RTT_Rules
What, responsible lending? Ethical behaviour?
  YM-Mundrabilla Minister for Railways

Location: Mundrabilla but I'd rather be in Narvik
Look around the world. Strength of the domestic banking sector is directly linked to economy, govt and overall domestic incomes and Std of living.

Becareful for what you wish for.
RTT_Rules
Honesty, integrity, decency, morality, fair play, loyalty, legality................obviously only for mugs..............

Money is not everything.
Money is the ONLY thing.....

Screw or be screwed. Most of us know where this country is going. Crying or Very sad
  rxclass Junior Train Controller

Location: On the manual turntable at Marino turning an exquisite Rx class steam locomotive.
Look around the world. Strength of the domestic banking sector is directly linked to economy, govt and overall domestic incomes and Std of living.

Becareful for what you wish for.
Honesty, integrity, decency, morality, fair play, loyalty, legality................obviously only for mugs..............

Money is not everything.
Money is the ONLY thing.....

Screw or be screwed. Most of us know where this country is going. Crying or Very sad
YM-Mundrabilla
G'day all,

I am sure I have said it before, but here it is again:-

In it's purest form 'Free Enterprise/Capitalism' is anarchy.

Regards,

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