Consider for a moment or two.
In 2008 (GFC) the Australian Government gave a guarantee on bank deposits to Australian Financial Institutions to the tune of $600B. It was in the eyes of the Government a necessary initiative to shore up local confidence and protect the nation’s international competitiveness and funded by taxpayers.
Fast forward 10 years and Australia is drought-stricken.
The big four banks in Australia now have a combined market value of approximately $384B. When you consider, 82% (20,500,000) of Australian’s are over the age of 15, the $384B represents a value of $18,731 per person.
As a Friday 3 August 2018 the big 4 banks have donated $3,300,000 to The Big Drought Appeal to help the Australian Farmers.
• Commonwealth Bank - $2M
• ANZ - $1M
• Westpac $200,000
• NAB - $100,000
Using the same parameters as above their donations represents $0.16c per and 0.0008% of the value each person over the age of 15 delivers to the banks.
We’d love to get your thoughts. Are the bank's donations fair and reasonable or should they be donating more?