The History of the Commonwealth Bank

Paul Keating felt Commonwealth Bank couldn't compete if it was a government-owned bank. So he felt that it needed to be privatised so that it could have the capital. The shares have gone from $4 to $80, so people have made a hell of a lot of money out of Commonwealth Bank. Part of what happened in the banking system was when you got deregulation, the banks start to open themselves up to different types of products and cross-selling. They wanted to tap into super because at the same time as deregulation, you also, a few years later, yougot compulsory super. But they're all commission looked at even more boiler room cultures than that.