> -----Original Message----- > From: David Hillary [mailto:[EMAIL PROTECTED]] > Sent: Saturday, 16 June 2001 6:38 PM > To: e-gold Discussion > Subject: [e-gold-list] Aussie bank fees > > > Australia reportedly has the second highest bank fees in the world, with > customers paying an average of $360 a year in bank fees. > > The Cruikshank Report, carried out for the British Parliament, found that > British consumers pay just $30 a year, and US bank customers pay $150 a > year, while fees in countries like France and Germany are also far below > Australia, The Sunday Telegraph reported. > > The British report also said Australia has the world's highest charges for > using the Automatic Teller Machines (ATMs). > > The Telegraph said Australia's record bank fees and charges were > accompanied > by record profits. > > Fair Trading Minister John Watkins told the paper the high Australian > charges showed banks were treating customers like milk cows. > > Describing the situation as bank robbery, the minister said the findings > warranted a commission of inquiry into banking competition. > > Meanwhile, the paper quoted federal Financial Services Minister Joe Hockey > as saying customers can significantly reduce fees and charges by better > using services. > <SNIP> If this is per account, then you need to shop around! I have several accounts and I would not pay any more bank fees than the stated British consumer. Surely this 'report' is prepared simply to make the British government look good? I have never paid a cent in ATM fees. Apparently every other countries' banks *pay* customers to use their ATMs if they are all cheaper than Australian ATM fees? ;) It is always easy for politically sponsored studies to create an alarming figure based on the choices of fools. In my experience almost everything is cheaper in monetary terms in Australia than the United States (and even more so compared to the UK), including bank fees, and especially credit card fees and interest rates. Some of those American low interest credit card offers I see in spam have the most usurious contract terms beyond belief for those used to Australian financial institutions. 'Caveat emptor' remains valid despite, through a plethora of government consumer legislation, the rise of 'caveat vendor'. Also, someone (else) suggested sausages attracted (10%) GST in Australia. Go to a supermarket. Every item with GST will be indicated on the receipt. Hardly anything on my shopping list will have GST, unless one lives on corn chips, chocolates, and fully prepared foods from the deli. One may even buy large bottles of Coke without GST, though the price of small bottles from a vending machine includes GST. One thing that is good about the GST compared to sales tax (in USA) is that prices (in shops) are all displayed *including* the GST, so there are no nasty surprises at the checkout. Furthermore, the effect of removal of the former 22 to 33 percent sales tax meant that for most things, even if they incurred the 10 percent GST, the prices went down, when the tax changes came into effect. Furthermore still, supermarket and other prices (except for hi-tech imported goods such as cars, hi-fi and computer equipment) in Australia with or without GST are usually cheaper than American prices and *much* cheaper than UK with their 15 percent VAT. I bought petrol (gasolene) on Friday at 80.5 cents (about 41 US cents) per litre including GST and about 50 percent other taxes. How does that compare with UK? The main inflationary effect on Australian prices since the middle of last year has been exchange rates. Someone else also suggested that citizens of certain countries (including Australia) may overplay the problems in order to discourage (legal and illegal) immigration. Maybe they saw the scare campaign the Minister for (or against?) Immigration was taking around south Asia warning people of the dangers of the sharks, deadly snakes and crocodiles they would have to contend with if they tried to illegally reach Australia? ;) Anyway, I do not think this was the motivation. Rather, there are many people with a natural tendency to complain rather than simply to take their business elsewhere. Don't like bank fees? Go to a cheaper bank or to a credit-cooperative (that typically provide most banking services, but do not charge monthly fees, nor most transaction fees). The biggest hand in the pockets of bank account holders is actually the government, with their Bank And Deposits (BAD) Tax (only charged on accounts with a cheque facility), and the much smaller Financial Institutions Duty (FID) which is being phased out due to the GST legislation. Ian Green http://two-cents-worth.com/?107242 --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED]
