The Remarkable Model
of the Commonwealth Bank of Australia
Today there is renewed interest in reviving a publicly-owned bank in Australia on the Commonwealth Bank model. The United States and other countries would do well to consider that option too. Any proposed legislation should contain careful checks for accountability. The Commonwealth Bank served Australia brilliantly well for its first 11 years under the stewardship of one honest man, Denison Miller. When he passed away in 1923, the bank was delivered into the hands of a board of businessmen more interested in serving their own interests than the nation’s. Legislation would need to be drafted that prevented that from happening again.
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Filed under: Business, Economy, Opinion, Politics




