I’m no big city banker. But I was under the impression that profit is the income that is left over once you’ve paid your costs. Once you pay your tax on that, your net profit is what is left to pay to the owners as dividends or reinvest.
So how the hell did the Aussie-owned banks manage to pay out $1.7 billion in dividends to their Aussie parent companies when they only declared $790 million of profit?
It’s clear what the bastards are doing. They’re hiding profits to minimise their tax. They’re ripping us off. Just like they did in those scams that cost us $2.4 billion in tax, that we’re only now partially getting back.
We’re underwriting the buggers with the deposit guarantee scheme. And this is how they repay us. Bank staff are being made redundant. Their wages frozen. Interest rates are out of whack – the gap between savings and borrowing interest rates is larger than ever. Now, we learn they managed to hide at least $400 million in tax last year. That leaves the rest of us to pick up the burden.
I won’t do any business with the parasites. And neither should you.
Wong is duty Minister and refused to comment. What’s worse? A Duty Minister that won’t do what a Duty Minister is meant to do – respond on behalf of the government to emerging issues? Or the fact that Wong is effectively running the country while Key spends three weeks in Hawaii working on his tan?