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"Australian banks massive beneficiaries of the pull back from China:" country's top institution CBA lures funds despite profit expected to fall (www.reuters.com)

submitted 7 months ago by 0x815@feddit.de to c/australia@aussie.zone

2 comments fedilink hide all child comments

For investors fleeing China's stuttering market amid a prolonged property crisis and looking for safe, liquid places to put their money, Australian banks, and in particular CBA as the largest and most well known, are an easy pick, said Matthew Haupt, a portfolio manager at Wilson Asset Management.

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[–] Lintson@aussie.zone 2 points 7 months ago

That's way too basic to be a solution. If you take from them they'll simply take it back from us by cutting jobs and services while raising fees.

We should be making it harder if not outright illegal for them to arbitrarily cut costs in the way they do i.e closing branches, offboarding atms, making workers redundant to keep up profits. They are in many ways a public service and the service component is worth protecting.

Countering this behaviour would be far more impactful to Australians and the economy than just having them hand a bag of money to the government.