Over $3 billion according to their media presentation. And $6 billion in salaries and wages. And $5.5 billion in dividends to Australian shareholders.
CBA probably made a decent amount from taking advantage of the interest rate differentials. Anyone remember the last RBA rate cut by 25 basis points in Feb 2015? Well, CBA only passed on 20 of those. Then in Oct 2015 CBA (plus others) raised interest rates out of the blue by another 15 basis points "to offset costs associated with recent changes to capital requirements" So, since Feb 2015 that's +20 basis points for CBA to pad out their bottom line (and protect their dividend policy, P/E ratio and therefore share price).
They obviosuly don't know how to use their haven in Bermuda! Incompetance can be a good thing in this case!
"The TJN report, Who pays for our common wealth?, analysed the reported taxes paid by the ASX200 over the 10 years of 2004-2013 and found that, on average, companies are paying an effective tax rate of 23%, and the Tax Office is missing out on $8.4 billion each year." http://www.crikey.com.au/2014/09/30...e-tax-office-to-the-tune-of-billions-but-how/ The AIC claims fraud costs $8.5 billion per year ... http://www.aic.gov.au/crime_community/communitycrime/costs.html
So if there is any thing I can take out of this thread is I should be buying shares in the big 4. I've already been looking into this over the past few weeks and I believe ANZ is currently the best bang for your buck
It's so easy to cut down the tall poppy... shame that this has become Australian culture. They are obviously doing well because they offer a product that people want. Full stop. Besides, they employ over 45,000 people, so more good to them I say. Oh, BTW, their annualised $9.6 billion profit, equivalating to over 17% return on equity for shareholers, well and truly justifies the CEO's $8 million salary - that is a 112500% return on investment for shareholders. Well done.
