I agree, johnimmelb, but the answer is a bit more complicated than returning to 20 years ago. The rot started in the 1970's when any decent sized country town or large suburb gave residents a choice of 8 banks, two of which were government controlled. Then there were mergers of 6 of the private banks leaving a choice of 5 banks. Moving forward to the 1980's, banking became unregulated and the interest rates being charged were no longer under the control of the Reserve Bank but were left to the individual banks to charge what they wanted. But, there were still 2 government banks, 1 federal, 1 state that kept rates more or less on an even keel. Then in the 1990's, the states got rid of their state financial institutions and the Commonwealth Bank became shareholder owned. Since then we have been at the mercies of privately owned banks who are not regulated, appear to be only concerned about shareholders who vote who will be on their Boards and can decide to ignore the Reserve Bank's cash rate and do as they please. Banks have also closed branches everywhere and put loan applications out to mortgage brokers who have to be paid and guess who foots the extra payment? It's the fault of various governments of all colours who have caused the problem.

Wow! Horace a staunch LNP supporter who is against privatisation but supports government ownership and intervention in business. These shocking private sector, shareholders owned companies ripping off the public! I can't wait for recognition that the  LNP was sitting on its A's for nine years and that Labor is making a damned good try at righting some of their wrongs and revitalizing the country.

Gee Viking, you've made a quantum leap there. My reply was to list the reasons that banks are ripping everyone off. Not at any stage did I mention which party was in power when any of these things happened. They all happened under different governments, both state and federal, both Liberal and Labor, to their undying shame. As to the current government, time will tell if they right any perceived wrongs and revitalise the nation. My electricity company has advised that my bill will be higher so that's added to the $275 that Labor has promised me that they will reduce my bill by. That's $275 from 21st May, not from a later date.