The People’s Bank and Privatisation
My first reaction to the news that the Commonwealth Bank had made a $9.67 billion profit was a typical champagne socialist rant. “What social justice reforms could we achieve with that kind of money?” I fumed (something non-smokers rarely do). For perspective, CommBank’s profit is more than double the $4 billion allocated to the Federal Media, Arts and Sporting industries in the March budget. It’s also twice the amount the Federal Government allocated to affordable…