Media Releases

July 2011

May 2011

Surplus fetish costing taxpayers

The bipartisan obsession with returning the federal budget to surplus has provided a convenient distraction from the genuine debate which is needed in Australia about when we will invest in infrastructure and social welfare, according to a new paper by The Australia Institute released today. Surplus fetish: The political economy of the surplus, deficit and

Banking report lets the big four off the hook

The Senate Economics Committee report into the banking sector, released today, is a disappointing missed opportunity to initiate much-needed reform to rein in the power of Australia’s big four banks which exploit their market power at the expense of consumers and small businesses, according to The Australia Institute. Senior Research Fellow David Richardson said the

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

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mail@australiainstitute.org.au

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