Commonwealth Bank of Australia: Banking Profiles

ByPrimary Researcher

Executive Summary

  • The Commonwealth Bank of Australia was once a public bank that issued debt free money.
  • This bank has been ruined by private banking interests to eliminate the public good function.

Introduction

A government-run bank that took on central banking authority in 1920. The CB was instrumental in helping Australia in WW I the WW II and the Great Depression and was a major part of Australia’s economic success before its privatization. After the CB was privatized in 1991.