The Bad Place9News | Big four making bank off Aussie dream of home ownership by 9News
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New research by the Australia Institute reveals that Australia’s four major banks – CBA, NAB, Westpac and ANZ – earn an average of $228,900 in profit over the 30‑year life of a typical $736,000 home loan, with owner‑occupier mortgages accounting for just 22.7 % of their loan book but delivering 39.3 % of profits, amounting to $16.9 billion of the banks’ $43 billion pre‑tax earnings last year. The Institute’s co‑CEO Richard Denniss called these figures “obscene” as borrowers face a third consecutive interest‑rate rise, now at 4.35 %, which he warned could push the economy toward recession and force the Reserve Bank of Australia to reverse policy dramatically.
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