"We will be looking at what barriers customers face to switching," Mr Sims said.
Australian Banking Association chief executive Anna Bligh said banks were ready to work with the ACCC inquiry, but she said interest rates also affected people who save with banks, not just borrowers. The official cash rate is at a record low of 0.75 per cent after the Reserve Bank of Australia cut interest rates three times this year.
The Treasurer should know the information about the cost of funds of the banks. Seems odd he wouldn’t know and odder he would go public and show his ignorance.
Our treasurer is a fucking clown. The banks are not charities. What he needs to do is shine light on the top executives remuneration packages and the gaps between them and the rest of the companies.
Banks are business, not charities
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Big banks to face ACCC inquisition over interest rate cutsTreasurer Josh Frydenberg asks the competition watchdog to investigate the banking sector over its refusal to pass on interest rate cuts to customers in full. Im sure the banks are quaking in their boots over this one! Is he talking about credit card and personal loans interest rates, they affect more people and if they were brought down people might be able to save for housing deposits. Just saying ?
Source: abcnews - 🏆 5. / 83 Read more »
Government takes aim at banks over rate cuts failureThe federal government will launch a new inquiry into the market power of the big four banks in a new sign of the political fury at the lenders for denying home buyers a saving worth $500 a year by failing to pass on official cuts to interest rates. So they'd rather do another time wasting exercise than focus on the economy themselves. Trying to deflect their own deficiencies. JoshFrydenberg is a fraud and coward Govt can't do a thing & banks know it....They walked out of the royal commission free, no CEO or executive charged or bank fined for defrauding customers
Source: theage - 🏆 8. / 77 Read more »
Government takes aim at banks over rate cuts failureTreasurer Josh Frydenberg will escalate pressure on banks to pass on the rate cuts in full to mortgage customers by threatening laws to expose them to greater competition | Huffin' & puffin'; he'll blow their Head Offices down! Is this the dead cat thrown on the table to distract us from the incompetence of ScottMorrisonMP and JoshFrydenberg ?
Source: smh - 🏆 6. / 80 Read more »
Frydenberg 'not always on the side of the customer' | Sky News AustraliaLabor frontbencher Dr Andrew Leigh says Treasurer Josh Frydenberg has “finally yielded to community pressure to do something about big banks not passing on rate cuts”.\n\nDr Leigh told Sky News despite the initiative, Australia should not think of Mr Frydenberg “as somebody who is always on the side of the customer”.\n\n“Frydenberg voted 26 times against the banking royal commission and voted against Labor's abolition of mortgage exit fees - a pro-competitive measure - when we were last in government,” he said. \n\nDr Leigh said as well as this, banks were taking advantage of “behavioural economics” because “people often don't switch to get the best deal because life is busy and switching your mortgage is hard”. It is just a talk nothing else, nobody believes in their talks, because always talks and promises but never for fill. Liberals only kips promises to multinasionals for big donations to Liberals. It shows how much Liberals care about Australia and Australian people future. 0000000 The 🇦🇺 Australian 🇦🇺 ALP has little credibility when it comes to the financial sector. Former PM's Hawke & Keating almost tripped over themselves flogging off the 'People's Bank', the 🏦 Commonwealth Bank 🏦! Govt should take control of interest rates & regulate banks more.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
'This is not a good outcome 'The federal government is expected to give the competition watchdog the green light for an inquiry into why banks have not fully passed on interest rate cuts. 9News WHY? Because they wanted to maximise profits, and executive pay, and shareholder returns - and they are legally allowed to do this - obvious! Inquiry is a COMPLETE waste of money, distraction, and attempt to make ppl believe something will change. A whole year before the final report...could these corrupt criminal bank protecting Coalition government grubs go any slower..oh...and NOT IMPLIMENTING THE ALREADY LONG CONCLUDED 70 BANKING ROYAL COMMISSION RECOMMENDATIONS...this complicit LNP government is not serious at all
Source: 9NewsAUS - 🏆 10. / 72 Read more »
Govt orders probe on big four banks | Sky News AustraliaAustralia's big four banks will be investigated after failing to pass on full interest rate cuts to consumers.\n\nTreasurer Josh Frydenberg has directed the Australian Competition and Consumer Commission to investigate the interest rate pricing of residential mortgages. \n\nThe banks will have to reveal their pricing practices after none of them passed on the most recent cut to customers in full but slashed interest rates for deposit holders. \n\nSmall banks and non-bank lenders will also be included after the sector ignored cuts made by the Reserve Bank. \n\nThe government has not ruled out policy changes or regulation, depending on the findings of the inquiry. \n\nImage: News Corp Australia You are just headlines with no substance If you binge spend as Australia has been doing since Whitlam and build up hundreds of billions of dollars in govt and private debt, reserve bank is only one source of money supply. Rest comes from overseas. Of course it’s easier to blame the banks because the public likes it.
Source: SkyNewsAust - 🏆 7. / 78 Read more »