Mike Smith has been getting a bit of attention in the media recently. First this week he was on the attack about the government decision to not let the Singaporeans buy the commpany which manages the Australian Stock Exchange. Next, he was saying that the federal government is weak.
It bothers me that the opinions of the CEO of one of Australians big four banks is considered news. His sole interest is the share price for the ANZ. Corporations law dictates this. What is good for an ANZ shareholder, and his personal hip pocket, may not be good for Australia or the businesses which are tethered to the ANZ through home mortgages and small business lending facilities.
The ANZ gouges its customers at every opportunity. Its decisions and the decisions of the other big banks do more harm to families and small businesses than anything this or other governments have done wrong.
I wish that Mike Smith’s opinions did not get the news coverage they do. I would prefer to see a more balanced representation of opinions on matters like the possible sale of the ASX to Singaporeans. Personally, I don’t see the sense of this. The operation of the ASX is fundamental to the economy. We have sold off enough of this country, why sell off our stock exchange as well? Who benefits. Okay, maybe the shareholders. But do investors benefit? I don’t see it.
Mike Smith and his big bank CEO colleagues need to be put in their place. We should stop paying attention to what they say.
I feel better now. I’m going out for breakfast.
While I agree that he is acting in the interests of his shareholders and the media are certainly not conveying that in their reporting, some of the issues he raises are nonetheless worth looking at.
The issue of an over-complicated tax system is one that continues to plauge Australian business and investors. Real tax reform has not been seen for many years and with both the government and opposition essentially ignoring the Henry Tax Review it appears that there won’t be anything happening in the near future.
The other issue of infrastructure spend is also something genuinely worth discussing. Australia has spent very little on developing, maintaining and upgrading infrastructure. This needs to be an issue addressed at both a state and federal level. Our infrastructure planning, both short and long term, is appalling and has been for a long time.
Jarryd – Took the words from my mouth!
Yes, our tax system is complicated and we don’t spend enough on our infrastructure. It is the other nonsense which Smith moaned about which annoyed me and that he spoke as if his opinion should matter.
If we give into the likes of Mike Smith then there is no hope for Australia. Most of his interests are not the interests of the country.