‘Don’t have state banks’, says man who witnessed black day for SA
Andrew ClarkSenior writer
“Don’t ever have state banks,” says John Malouf, who had a ringside seat at the $3.1 billion collapse of the State Bank of South Australia in 1992.
Along with a similar disintegration of the State Bank of Victoria, both led to political endgames for sponsoring state Labor governments. It was the biggest banking crisis in Australia since the great bank crashes in Victoria in the 1890s.
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