Banks gouge 3 cents out of every dollar spent in Australia

The nation’s big four banks are reaping profits amounting to three cents in every dollar spent in Australia. Westpac’s announcement today that its half year profit was $2,175 million brings the total half year profit reported by the big four, Westpac, ANZ, Commonwealth Bank and National Australia Bank, to $8,269 million, or 1.5 per cent of GDP.

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