Credit: Illustration: Andrew Dyson
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COMMONWEALTH BANK
Profits don’t reach services and front-line workers
I understand the economic theory of the Reserve Bank raising interest rates in an effort to reduce inflation. Whether I agree with that when supply chain constrictions and increased business profits going to shareholders are the major influences on our increased inflation, not spending, is another matter.
What I do not understand is how banks can justify their inflated profits as a result of the Reserve Bank’s actions. Excluding other financial services that they operate, the bulk of these profits derive from simply servicing the loans/mortgages they hold. There are no super clever banking methods at work here. So how then does the CBA justify the salary of its chief executive ($10.4million) and other top executives?
The profits certainly do not filter down to the bank’s front-line workers and services. In my suburb alone, the CBA has closed three branches and withdrawn upwards of 10 ATMs in the past five years. Perhaps these “windfall” profits would be better utilised in ceasing branch closures and re-employing front-line staff.
Jim Barnden, Richmond
Seeking a bank that works for the community
The Commonwealth Bank should never have been privatised, to make it, along with all of the outsourced utilities, a money-grubbing corporate entity. The answer is for the government to create a new bank which can be a “service” to the community, charging enough fees just to stay afloat and perform honourable business practices.
Also, your correspondent – “It’s all our fault” (Letters, 10/8) – says, “And enough of little old ladies being disadvantaged – we are not. My friends and I are as digitally savvy as any other demographic”. I am a “little old lady” in my nineties and I am not digitally savvy.
Jonne Herbert, Kew East
Ensuring the shareholders are the winners
Matt Comyn, the CBA’s chief executive, says its $10.2 billion profit was necessary to make a return for its shareholders so it could support the economy amid tougher conditions. This sounds like doublespeak to me, with his definition of “the economy” appearing to be limited to the CBA’s shareholders.
Rita Thorpe, Coburg
Why aren’t we demonstrating in the streets?
So the CBA passes the full Reserve Bank rate increases onto its mortgage customers but not to its depositors and uses the difference to boost profits, increase shareholder dividends and give already extremely well-paid senior management huge pay increases. This is obscene. In many other developed countries, there would be huge protests outside the offices of these banks. We are such a passive lot.
David Parker, Geelong West
A plea to generously share that record profit
How can a $10.2 billion profit be defended by stating the cost of doing business has risen substantially? Am I wrong in thinking a profit is a profit or has the word now come to mean something different? Surely the CBA can donate maybe a paltry $1 billion to those who are struggling with the real day to day problems of food, rent and utilities. I am sickened and incensed.
Maree Harrison, Nerrina
THE FORUM
Unjustifiable rewards
Thanks for your insights about people who earn extraordinary pay packets, Kirstin Ferguson – “In defence of big bucks for the few” (Comment, 10/8). If you told me these people came from Superman’s home planet of Krypton, I would understand their difference from us mere mortals more clearly.
Susan Digby, Geelong
Aiming for fairness
Some landlords who are threatening to sell their investment properties if the rules about rent change claim this will result in fewer rental homes. But if a landlord sells up, the home does not disappear. It will be bought by someone else, possibly even a first-home buyer facing less competition from investors. And isn’t that a good thing?
Jan Lacey, North Melbourne
The shortage of homes
The push for renters’ rights may deliver a political win for advocates but may not help renters. There is little discussion of planning to match demand from immigration and international students who will need somewhere to live. The conversation has not moved beyond “bogeyman” landlords.
As the market is tight now, how will it look in a few years after Australia has peaked with a net migration intake of 400,000 migrants last financial year, an expected 315,000 in 2023-24, and 260,000 in 2024-25 (The Age, 19/7)? Proposed rent increase controls will not provide more homes.
Geoffrey Conaghan, St Kilda
Need for due diligence
Here we go again with real estate agent bashing. There are a few lemons out there as in many industries. But most agents work damned hard and long as I did for 40-odd years and still have lasting good reputations.
John Keating suggests, “the introduction of a simple new auction rule that requires vendors’ reserve prices to be published in all auction advertisements” (Letters, 9/8).
Secondly, abolish price ranges. Advertise a price and negotiate a private sale, or auction the property, or call for expressions of interest (a silent auction). The statement of information is out there, as are weekly auction results. If those who are complaining did their due diligence properly, they wouldn’t blame all and sundry.
Ian Anderson, Surrey Hills
A community united
Anne-Maree Hone’s article brought back for me a wonderful memory of Clayton in the ’50s (Comment, 8/8). Everything about it was a memory for me of being a Brigidine sister in her first teaching years at St Peter’s Primary School in Clayton. It was a marvellous time to begin a teaching career because the whole community was engaged in supporting, physically building, and closely bonding with our schools, both Catholic and state, as we established life in Clayton. It is good to read Anne-Maree’s article and assure her that one of those sisters is still tall, feisty and ready to have a cocktail with her any time.
Moira Broderick, Malvern
Comprehensive testing
Your correspondent writes, “Imagine if prospective used-car buyers had to pay for their own roadworthy certificate for each vehicle they were considering” (Letters, /8). A certificate does not test the overall condition of the car, just those items relating to safety such as brakes, tyres, lights, rust, etc. A car can have serious engine or gearbox wear, yet still pass a roadworthy test. If buyers do not have appropriate mechanical knowledge, they should get a comprehensive test done by a qualified mechanic before going ahead with the purchase.
Rod Smith, Vermont South
When to dump ‘poo bags’
To your recent correspondents who lamented the “poo bags” in their green bins. I understand your annoyance if the bag is plastic, but it may be the compostable version which, if allowed by your council, is supposed to go in your green bin. Council websites usually state which “codes” of bags are accepted (printed on the bag).I ha
ve been known to drop my council-accepted, compostable bags into another person’s green bin to save carrying it a long way.
Kerryn Walshe, Echuca
Face the stark reality
We see news reports almost daily of horrendous fires, floods and winds from around the world. Is it not time for all countries to create a climate emergency index incorporating the number of lives lost and injured, the infrastructure damage and the insurance claims etc? This would bring home the sense of urgency to do all we can to combat climate change.
Pete Sands, Monbulk
A man to be admired
I only wish that I was an effective enough activist to be spied on by VicForests, like Australian National University professor David Lindenmayer (The Age, 11/8). I love indigenous native fauna and flora and particularly our magnificent rain forests, home to the largest and tallest flowering plants in the world.
John Merory, Ivanhoe
Act now on road safety
This week I sat through the first two days of hearings for the Victorian parliamentary inquiry into the impact of road safety behaviours on vulnerable road users. MPs heard from a large range of organisations and community groups calling for much safer streets for pedestrians and cyclists.
Some strong themes were: lower vehicle speeds; more safe pedestrian crossings, safe routes to school; protected cycling lanes; and extensive, frequent and accessible public transport.
There are enormous benefits to be gained from people feeling they can walk and cycle safely, including a cleaner environment, improved physical and mental health, and stronger communities. So what is the state government waiting for?
Andrea Bunting, Brunswick
Yet more street closures
Can someone please publish a list of roads that are not being dug up for one reason or another. This list can also include those roads that do not have any detours on them. This would make planning to get around Melbourne a lot quicker and stress-free. We have become the “Road Works Ahead” city.
Madelene Alford, Richmond
Towards better bounces
The quality of centre bounces by AFL umpires is getting worse every week. It was very frustrating watching last weekend’s games on television. A lot of the bounces had to be recalled so the ball could be thrown up, which is really bad in the last quarter when time is critical.
The AFL could reduce the pressure on umpires by only having them bounce the ball at the start of each quarter and throwing it up for the remainder of the quarter. Not all umpires are as good as others at bouncing the ball, so that flexibility would make life so much easier for the whole umpiring team.
Sam Johnson, Wodonga
The two huge clashes
The AFL is to be congratulated for giving the green light for the Matildas’ World Cup quarter-final against France to be shown on the big screens at the MCG before the Carlton-Melbourne game (The Age, 11/8)
Meg Biggs, Kew East
Restrain yourself, PM
I read with dread that Anthony Albanese will again visit the United States. The last trip cost us hundreds of billions in military boondoggles and loss of sovereignty – “A colossal cost, but subs to arrive with speed” (The Age, 14/3). How much more damage will this trip inflict?
Mark Freeman, Macleod
Disability exclusion
How does a budget cut to specialist teacher support to vision-impaired, hearing-impaired and deaf-blind students even get put on the discussion table? This proposed decision remarkably lacks insight by a government supposedly committed to disability inclusion.
Madelene Rich, Seaford
Very clever critique
I am loving Craig Mathieson’s turn of phrase and critical insights in Green Guide. This week’s critique of Binge’s new show, Telemarketers, “which settles for being less than the sum of its parts” made me laugh.
Peter Gourlay, Elwood
AND ANOTHER THING
Credit: Illustration: Matt Golding
Politics
In relation to finding a job for Morrison (11/8). How about high commissioner to Nauru?
John Thawley, Beechworth
Dyson’s cartoon (10/8) is spot on. Do the Greens realise that increasing housing supply is about reducing homelessness, not about their party?
Mary Cole, Richmond
A company that donates to a political party is awarded a multimillion-dollar government contract (11/8), yet people are worried about the Voice? Money speaks.
Bill Walker, St Andrews Beach
I do love the ABC’s programming – on Thursday afternoon, Would I Lie To You? was followed by Parliament Question Time.
Julie Drummond, Mont Albert
Trump wants another four years. The prosecutors are asking for 20.
Paul Custance, Highett
Apart from other considerations, failure to get the Voice up will trash our international reputation. I will be ashamed.
Patrice McCarthy, West Bendigo
Furthermore
My all-time favourite graffiti was seen in North Fitzroy in the 1990s. Someone had written “Apathy rules”. Another had replied “So?“
Sarah Russell, Mount Martha
Elegantly graffitied on a long brick wall in North Fitzroy: “This is the wall against which we will put the capitalists”.
Colin Simmons, Woodend
″Would you vote for a man with two pairs of pyjamas?″ Graffiti on a wall in North Fitzroy nearly 50 years ago, presumably aimed at Malcolm Fraser.
Jim Pilmer, Camberwell
The CBA posts record profits while so many people are under mortgage stress. This is not right.
Rosslyn Jennings, North Melbourne
I travel exclusively in the Met cheap zone and sometimes my myki is debited at a higher rate. Is AI running the show?
Paul Murchison, Kingsbury
With the AFL considering old school entertainment for the grand final, how about 30 minutes of respite from the PA and a convivial chat to seat mates.
Peter Rushen, Carnegie
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