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DB008

DB008

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This is more of a rant, but l have lost faith in our Treasurer Wayne Swan after watching him on ABC yesterday afternoon. What a joke!


Big banks face revolt if they raise rates

Experts warn banks may lift their rates to protect profits

RBA has left official interest rates at 4.25 per cent

Treasurer Wayne Swan has warned banks not to do it

February 08, 2012 9:48AM

Read more: http://www.news.com.au/money/big-ba...es/story-e6frfmci-1226265205207#ixzz1llFe4q4e
Click to expand...

So, what if ANZ decides to raise interest rates independently of the RBA, what exactly is our Finance Minister going to do....warn them again? OMG, the banks will be scared sh!tless from his threats about raising interest rates or not passing on the full cut, l don't think so!
 
Makes him look like the good guy if they do. All theatrical dung really.
 
Swann is just trying to be popular, that's all.

Any politician or treasurer of any persuasion would do the same. Popularity = votes.
 
I echo your irritation Dannyboy. It's empty, populist rhetoric.

As far as his remarks being designed to make him popular with voters are concerned, he should perhaps consider that only about a third of people have mortgages and many more have savings accounts which benefit from higher rates.
 
Julia said:
I echo your irritation Dannyboy. It's empty, populist rhetoric.

As far as his remarks being designed to make him popular with voters are concerned, he should perhaps consider that only about a third of people have mortgages and many more have savings accounts which benefit from higher rates.
Click to expand...

When I had a mortgage nobody gave a stuff about the problems of mortgagors. That was before the nanny state took over. The nanny state shovelled out money to young people to encourage them to buy houses that exceeded their needs, that they couldn't afford and with no collateral.

Swan and Hockey and other bank bashers, are now committed to shield these over-extenders from the big bad banks and the real world. All this to the detriment of those with savings in the bank.
 
RBA slashes interest rates by 50 basis points

Here we go again....

The rate cut, widely predicted by economists, is likely to ease financial pressure on thousands of households across Australia, with average mortgage holders likely to benefit by about $1000 annually if the banks pass it on.

However economists believe it unlikely that all lenders will pass on all the savings.

Treasurer Wayne Swan once again warned the banks to pass on the rate cut.

If the banks do not pass on the rate cut Mr Swan encouraged customers to walk down the road and get a better deal.

Read more: http://www.news.com.au/money/intere...ts/story-e6frfmn0-1226343674156#ixzz1tayMT3Qc
Click to expand...

Yeah, l'll walk to a competitor, after paying 10k+ in breakage fees, NOT.

I'd say that a vast majority of people with mortgages simply can't 'walk down the road and get a better deal', and he knows it.
 
Re: RBA slashes interest rates by 50 basis points

DB008 said:
Here we go again....



Yeah, l'll walk to a competitor, after paying 10k+ in breakage fees, NOT.

I'd say that a vast majority of people with mortgages simply can't 'walk down the road and get a better deal', and he knows it.
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Exactly. And he never, ever makes mention of the greater number of people who have savings accounts and who will be disadvantaged by a rate cut.:banghead::banghead::banghead:
The opposition are no better in this respect.
 
Looks like the big 4 are all holding out...

So far, BoQ and ING are the only ones who have moved.

Talk of another rate cut next month, on Melbourne Cup day.

Pass whole rate cut on: Swan

TREASURER Wayne Swan has once again urged banks to pass on the full interest rate cut the Reserve Bank of Australia (RBA) made on Tuesday.

The RBA announced it would cut the cash rate by a quarter of a percentage point to 3.25 per cent in response to a weakening outlook for global economic growth.

Mr Swan said on Wednesday many of the retail banks "have form" in not passing on full cuts but families and small businesses with mortgages deserved the cut.

"I think we'll see a variety of responses from a variety of financial institutions," he told ABC radio.

"From my point of view, the banks should not keep some of this rate cut back, they should pass it through in full."

http://mobile.news.com.au/breaking-news/national/pass-whole-rate-cut-on-swan/story-e6frfku9-1226487049592?from=public_rss
Click to expand...
 
NAB and CBA have today announced passing on of four fifths of the cut.
ANZ has a policy of making any rate announcements on alternate Fridays. This will be next Friday.
Only Westpac has yet to comment.
 
Yes, they seem to have moved, a few days after the decision. Funny how quickly they go up, but slow to come down. Yes, BoQ did come down first, but they were still more expensive than the others, prior to them lowering rates.
 
Rabodirect have today advised a 25 basis point drop in their deposit rate.
 
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