Banks have no business snooping on our spending

When did bank staff get to make judgments about the way I spend my money? If I want to eat pizza, then I am allowed to do so. It’s my private business. Secondly, the idea that the bank won’t share personal information is clearly absurd – they freely admit they do so already.

The banks will also argue that they monitor transactions to identify illegal transactions. This is another furphy. We all agree that suspicious transactions should be reported to authorities. But these are not the transactions the banks are judging. The transactions the bank is snooping on are perfectly legal activities that the bank wants to “judge” as appropriate or inappropriate. It’s a gross breach of privacy and should be stopped.

Owen Taplin, Sandy Bay, Tas

Our problem is growth, not immigration

What a veritable growth-ist trope-fest was The AFR View (November 27). And what massaging of the truth: the recent massive surge is merely “catch-up” (but “catch-up” in a growth agenda that is arbitrary and unwelcome); percentage growth comparisons rather than volume (a sleight of hand); policy, not high immigration, is the cause of the housing crisis (as if policy needs a house); immigrants are desperately needed to fill shortages (when high immigration creates endless shortages); population growth provides greater strategic heft (to deal with the geopolitical stresses caused by unfettered population growth); immigration has built a prosperous nation (but what of massive, intractable and ongoing environmental harm and overshoot?); shrill comparisons with Donald Trump and the Middle East (as if these are reasons for keeping on doing what we are doing). I could go on.

The objection is neither immigration nor immigrants. It is growth – perpetual, unsustainable, destructive growth.

Australians have had enough of it. Reduce immigration to sustainable levels (circa 65,000 a year) and it will disappear from the political arena, as it should.

Graham Clews, Kambah, ACT

Population explosion is Australian folly

Macroeconomist Gerard Minack hit the nail on the head when he pointed out that population growth without sufficient infrastructure creation drags living standards and productivity down (“Australia is ‘doubling down on a dumb strategy’ with high migration”, November 22). However, he greatly underestimated the burden.

The ABS’ estimate of Australia’s capital stock of 3.3 times GDP is a depreciated value, and its “as new” replacement value is nearly double that. If we must build an extra 2 per cent of all those assets to keep pace with growth, we pay the “new” price.

At well over 10 per cent of GDP, that’s exactly why MIT economist Lester Thurow long ago predicted no country could reduce poverty with population growth above 2 per cent. And history has proved him right.

Australia’s population explosion is putting us in league with West Africa in terms of economic regression – the worst performer in the Organisation for Economic Co-operation and Development on GDP per capita.

Jane O’Sullivan, Chelmer, Qld

‘Bankocracy’ is only part of the problem

I’m not inclined to disagree with Alan Kohler (“The economy is being driven by a ‘bankocracy’ housing boom”, November 24), but I believe our housing problem is broader than a “bankocracy”.

In Australia the dominant system of thought is economics; economic predictions and consequence are on every news broadcast. This would be OK if economics was a science. It’s not. Adam Smith’s invisible hand is alive and well; throwing in a few numbers doesn’t change anything.

The reality is we live in a capitalist culture; we aren’t citizens, we’re consumers or investors. What we buy and the debt we hold is our identity.

Capitalism is not the problem, though: it’s politicians, lobbyists and donors – the self-interest of the few.

John Macintosh, Merewether, NSW

Misguided vote on UN tax reform

Australia, along with 47 other predominantly OECD countries of the Global North, opposed the recent UN vote on adoption of a framework agreement on international tax reform. The measure is intended to overcome the use of tax havens exploited by global corporations to reduce or avoid tax. It was supported by 125 nations, including Indonesia, Timor-Leste and PNG. It is estimated that implementing the proposal could recover about $US480 billion a year globally from wealthy individuals, banks and corporations. That would increase developing countries’ capacity to combat poverty, improve healthcare and respond to climate change.

Australia’s vote was influenced by the OECD, headed by former Liberal minister Mathias Cormann. It seems inconsistent with the government’s policy to reduce the use of tax havens, and the PM and treasurer need to explain why Australia voted as it did.

John Rolls, Vale Park, SA

UniSuper needs to take climate lead

Assistant professor Saphira Rekker is doing her utmost to influence UniSuper to be a genuine, science-based superannuation leader for fast decarbonising (“UniSuper faces customer uprising over lagging in climate action”, November 27). As a keen UniSuper member, I signed her petition and open letter, as I hope did other members.

UniSuper must be a model for the industry. In fact, all money-based organisations must stand firm for urgent climate action aimed at staying close to the 1.5 degrees limit.

Barbara Fraser, Burwood, Vic

Why doesn’t Gina Rinehart look for votes?

Gina Rinehart (November 23) says “we need strong people in government, not afraid to stand up for common sense, and for mining”. So what’s stopping her from standing?

Few other identities can match Ms Rinehart for unpopularity simply because she is so out of touch with, and disdainful of, modern environmentally and socially concerned Australians.

Bob Brown, Cygnet, Tas

You make me dizzy, Mr Abbott

My poor head is still pulsating after the grade-one dizzy spell I suffered after reading the words “[Zed Seselja] sees public life as a cause, not just a career” attributed to none other than my former local member, Tony Abbott (“BCA boss backs rival to Dutton’s pick for Senate”, November 21).

Mr Abbott luxuriated in a career of nine very easy but unproductive terms as the member for Warringah before being booted out in 2019 by an independent who understands what working for a cause actually means. The only real cause I can recall Mr Abbott getting serious about was the re-carbonisation of Australia.

Mark Stack, North Curl Curl, NSW

Revised bid for Origin is an own goal

Whatever one’s view was about the original bid for Origin, the revised offer is an own goal that confirms AustralianSuper’s view. Brookfield/EIG have hoisted themselves on their own petard and should pack their bags and withdraw, as they did with AGL. AGL’s recent share price speaks volumes.

Andris Blums, Carlton North, Vic