Wednesday 28 August 2013

The real winner from the elections?

While election season accelerates into full swing ahead of polling day on 7 September, the Guardian has a nice piece about the entrenched players in the Australian economy which wield a disproportionate amount of pricing power:

Whatever happens on 7 September, we already know who rules in Australia. We like to think of ourselves as an open and equal country with appropriate checks and balances but in truth, power is highly concentrated within our nation.
Let’s start with banking and finance. According to an IMF report last year, "Australia’s four major banks hold 80% of banking assets and 88% of residential mortgages," making Australia one of the most concentrated banking market in the world – more so than, for example, China or the US. (here)

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