It would be a understatement to say that the Big Four Banks wield a lot of power over the Australian Economy. They have the option of passing on the Reserve Bank’s interest rate cuts, which they often choose to do.
What does this concentration of ownership mean for the Australian economy?
Angus Randall spoke with David Richardson from The Australia Institute who has recently authored the paper titled The Rise and Rise of the Big Banks: Concentration of Ownership.
Produced by Bill Walter