Australia Has Most Profitable Bank System, Gives Less to Charity

We got it pretty good here on our hot little island. We have a great standard of living, are relatively safe from threats that other countries face on a daily basis and our economy remains stable on the back of a rather large economic shift.

Turns out we rule at banking too, boasting the most profitable system of banking in the world, but it also seems that we’re not very generous with our money.

A recent survey conducted by GetCreditScore found that Australians give almost 2.45 times more to banks in credit interest than they do to charity. That’s only 9 cents in every $100 that the average Aussie donates to the needy. A little tight, don’t you think?

According to an analysis of the latest figures from the Australian Tax Office, the amount of us claiming gifts or donations as tax deductions on our returns is well below the levels it reached in 1985-86. What charitable times they must have been.

But can we really be blamed? We owe a massive $32 billion in credit card debt alone, which works out to an average of around $4,300 per card holder. And if you’ve got a shitty credit rating, the banks can slug you with extra interest without you even knowing.

Furthermore, those making only the minimum repayments on their accounts are digging themselves quite the whole, paying nearly three times the original amount they borrowed!

With yearly interest totalling $5.57 billion, It’s this kind of credit woe that can really effect quality of life, something we covered recently.

So is it greed, or simply struggling to get by that’s got us holding onto our hard earned dollars? I’m sure we’d all love to throw a few extra bucks to those who need it, but a lot of us simply can’t get by without it.

On the other hand, get rid of your damn debt so you pay less to the banks, ya dingus!