Media Releases

April 2011

February 2011

ATM fees cost consumers $750m

Australian consumers are still spending more than $750 million per year on ATM fees despite attempts by the Reserve Bank to reform the ATM system, a new paper by The Australia Institute reveals. The price of disloyalty: Why competition has failed to lower ATM fees finds that while an overwhelming majority (82%) of Australians believe

Bank watch: CBA interest costs differ from evidence to Senate inquiry

The Commonwealth Bank of Australia’s half year report released today shows that interest expenses have increased but by substantially less than official interest rates, an analysis by The Australia Institute has found. This is in contrast to evidence the bank provided to the Senate Economics Committee in December that their interest expenses were increasing by

Bank super profits tax must be on Tax Summit agenda

Confirmation today that Treasury has considered a banking super profits tax is further evidence of the need to discuss such a proposal at the Tax Summit to be held later this year, according to The Australia Institute. Recent polling by the Institute found 81 per cent of Australians want the idea of a bank super

January 2011

December 2010

Common sense prevails in superannuation shake up

The Australia Institute today welcomed the Government’s shake up of the superannuation system. “Common sense has finally prevailed,” said the Institute’s Deputy Director Josh Fear. “The overwhelming majority of super fund members want more simplicity not more choice. Since the Howard Government introduced Choice of Fund in 2005, many people have been forced to make

November 2010

Australian Bankers Association defending the indefensible

The Australia Institute today welcomed the admission by the Australian Bankers Association that our analysis of banks’ funding costs and how they affect interest rates is accurate. An analysis by The Australia Institute of Australian Prudential Regulation Authority (APRA) data shows that despite claims from the banks that their funding costs have been rising faster

Home solar subsidies costly and don’t reduce greenhouse gas emissions

Government subsidies for residential solar photovoltaic (PV) energy systems are ineffective, costly and unfair, new research published by The Australia Institute shows. The research, by Andrew Macintosh, Associate Director of the ANU Centre for Climate Law and Policy, and Deb Wilkinson, evaluated the outcomes from the Australian Government’s decade-long residential solar PV rebate program. It

October 2010

Many options available to curb bank power

The Australia Institute welcomes the Federal Opposition’s recent statements about the behaviour of Australia’s banks. “This is a healthy debate to have about the super profits of the big banks and what we should do about them,” said Senior Research Fellow David Richardson.

September 2010

Bank fees add more to cost of living than electricity bills

Today’s class action filed against ANZ is a welcome shot across the bow of the banking industry, which has been gouging customers through exorbitant fees for too long, according to The Australia Institute. Reserve Bank figures show banks charged $1.2 billion in penalty fees alone in 2009, at a cost of approximately $150 per household.

August 2010

NAB super profits = cost of living pressure for customers

Today’s announcement by the National Australia Bank that it made a cash profit for the June quarter of $1.1 billion, up from $0.9 billion in the same quarter of 2009, shows that the big banks were able to exploit the global financial crisis to increase their profits, according to The Australia Institute. “A 22 per

Bank greed: How much is too much?

Australian banks are aggressively encouraging customers to take on more debt regardless of their ability to pay it back, a new survey by The Australia Institute has found. The survey results, published in Money and Power: The case for better regulation in banking, reveal the extraordinary extent to which Australian banks promote consumer debt through

July 2010

Plan to shut down Hazelwood ‘a bargain’

A proposal by Victoria’s Premier John Brumby to shut down one quarter of Hazelwood power station, Australia’s dirtiest power station, shows that effective action to reduce greenhouse gas emissions is actually cheaper than the symbolic action favoured by the Rudd and Gillard Governments, according to The Australia Institute’s Executive Director Dr Richard Denniss.

Delay is denial, it’s time to act

The government’s climate change announcement is a shameful attempt to cover-up a lack of leadership and policy, according to The Australia Institute. Rather than ‘moving forward’, the government is delaying what the scientists and economists tell us is inevitable – the need to put a price on carbon.

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mail@australiainstitute.org.au

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