Australian banks are profitable but inefficient.
Since the mid-1980s, banks have consistently attempted to undermine the level of service to their customers. At the same time, with one brief interlude, they have exponentially increased their profits to levels that would be deemed unimaginable by any other sector in Australian business. Yet banks persist with the argument that they need to slug consumers with higher fees and charges as they are not making enough profits to cover the cost of providing the services which consumers have come to accept as a right. Yesterday's Herald highlighted the example of Megan Lavender who has at every turn attempted to follow the banks' instructions and use the most cost-effective and efficient manner to conduct her banking. She was told that she should use telephone banking as it was extremely efficient and fast.