"On average, more than 53 per cent of each big bank is owned by shareholders that are among the top 20 shareholders in all the big banks," Mr Richardson said. Source: The Australian
AUSTRALIA'S big banks are the world's most concentrated in terms of ownership and most profitable per capita, pocketing $1460 for every person in the country, a new report has revealed.
The Australian Institute study shows more than 50 per cent of the owners of the big four - ANZ, Commonwealth Bank, National Australia Bank and Westpac - are held by the same nominee companies.
The report also takes aim at a key pillar of the banking sector's defence that its strong profits are good for the overall economy as vast swathes of the $25 billion in profits is returned to Australians via the banks' wide shareholder register and the superannuation system.
The report claims that only a tenth of the banks' super profits find their way back into the nation's superannuation accounts.
Australian Institute banking analyst David Richardson warns the concentrated ownership of the banks may have "adverse consequences for consumers" as it opens the door for the banks to act in a monopolistic fashion.
Last week, three of the four - NAB, CBA and Westpac - lowered their mortgage rates by exactly the same amount within hours of each other.
"On average, more than 53 per cent of each big bank is owned by shareholders that are among the top 20 shareholders in all the big banks," Mr Richardson said.
But Australian Bankers Association chief executive Steven Munchenberg denied the concentration of ownership was an issue, as almost all superannuation funds were rolled into nominee funds for the share register, but were completely independent in terms of voting on issues.
He also defended the sector, saying the fierce competition between the banks has meant profit margins had fallen.
Research from the Australian Prudential Regulation Authority reveals that in the past 20 years the big banks have lifted their share of the home and business lending market from 67.2 per cent to 82.6 per cent.
Pre-tax profits of the big four rose from 0.7 per cent of GDP to a whopping 2.3 per cent of GDP, the report said.
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