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Democrats describe bank profits as "offensively high"



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AUSTRALIAN SENATE C A N B E R R A . A.C.T.

MEDIA RELEASE SENATOR PAUL McLEANAustralian Democrats — New South Wales

89/514 GOSFOHD 14 November, 1989

DEMOCRATS DESCRIBE BANK PROFITS AS "OFFINSIVELY HIGH-

The Australian Democrats today described the N.A.B.'s most recent profit increase of 47% as "offensively high”.

Senator Paul McLean, the Democrat Spokesperson on Small Business, said Mr Nobby Clark's calculated attitude of disappointment at such a low profit was an insult to small business, farmers and ordinary Australians.

"Mr Clark's statement that shareholders would only receive a dividend of 'approximately 20 - 25%' was shameful, Senator McLean said. "What about all those Australians who are being ripped off by banks to achieve these massive profits?

"If a profit of 47% is considered miserly by Mr Clark, then we are all in for a very, very tough time with the banks from now

on. It is obvious that massive profits for shareholders are more important than basic services to customers.”

Senator McLean said there was a marked difference between Mr Clark's coy approximations in relation to dividends to

shareholders and his accuracy in predicting a recession for the first three months of next year followed by a 5% drop in interest rates by the end of that year.

"The deregulation of the financial system in this country was one of the biggest blunders ever made by any government in the

history of Australia," Senator McLean said. "It has led to the virtual destruction of the economy. It has meant that services to customers are sacrificed to profits for shareholders, and it has come to the stage where a 47% increase is bemoaned as being inadequate for the greedy, grasping, avaricious manipulators of Australia's finances."

FURTHER INFORMATION: Senator Pan] McLean (043) 231914

COMMONWEALTH PARLIAMENTARY LIBRARY MICAH