Amid fears for small players, big banks agree to a competition inquiry

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“We often hear about bank profits going overseas,” says chief executive Roger Beaumont. “That’s half the story. Banks also spend a lot of money here and pay a lot of tax. They actually spend more here than they take away in profits.” He says the net positive contribution to the economy is $1.92 billion. “And that’s before you take into account the contribution banks make in funding household and business needs.”

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