The Liberals will tell you that they don't like telling people how to live their lives. Indeed they regularly tell us that individuals, not governments, are best placed to make decisions about what is in their own best interest. But, like successive ALP and Coalition governments, Tony Abbott and his team are big fans for forcing each and every working Australian to spend at least 9.25 per cent of their income buying financial products.
Investments in coal, oil, and gas increase financial risk without increasing returns, according to the new report Climate proofing your investments: Moving funds out of fossil fuels published by The Australia Institute.
To meet the internationally-agreed two degree global warming limit, fossil fuel businesses must leave in the ground two-thirds of the reserves currently on their books. Failure to incorporate this risk is causing inaccurate share valuations.
How our ‘big 4’ banks became too big to fail
Our new infographic released today shows how the ‘big 4’ banks have eaten up smaller and independent banks, reducing competition and choice for consumers. Our paper ‘The rise and rise of the big banks’ reveals Australia’s big banks make more than $1460 profit for every man, woman & child in Australia!
The Australian banking industry is the most concentrated in the world and also the most profitable. In fact the 'big four' Australian banks make up four of the eight most profitable banks in the world. The big banks have conceded that they are not highly competitive but have argued that their market power provides benefits in the form of 'financial stability'. Yet in other contexts the big four banks argue that they are highly competitive. The following evidence shows clearly that this is not the case. This paper examines the common ownership of the big four banks.