ANZ retail and commercial executive Mark Hand said the major lender was forced to weigh up the needs of its customers in a period of extremely low interest rates with the performance of its business.
Many of the smaller lenders have enacted the full reduction, however, including Athena, Homestar, Auswide, and UBank. We’re decreasing interest rates for variable home loan customers by 0.15% p.a. from Wednesday 16 October.The Australian Chamber of Commerce and Industry urged the banks to pass on the rate cut in full to lift spending on retail.
Ofcoarse they aren't
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Westpac and ANZ join rivals in not passing full rate cut to customersWestpac and ANZ joins rivals in not passing full rate cut to customers | clancyyeates laura_r_chung clancyyeates Laura_R_chung Wouldnt expect anything less from the theiving grubs ....... clancyyeates Laura_R_chung HORSE RADDISH. Australian banks are greed based organisations, they care nought for the public, just THEIR greed as Senior Employees gifted shares, who want to say how good shareholder returns (to themselves) are. Australia bank derivative balloon tells REAL risk GREED. clancyyeates Laura_R_chung The cartel is strong.
Source: smh - 🏆 6. / 80 Read more »
Westpac and ANZ join rivals in not passing full rate cut to customersWestpac and ANZ joins rivals in not passing full rate cut to customers | clancyyeates laura_r_chung clancyyeates Laura_R_chung Wouldnt expect anything less from the theiving grubs ....... clancyyeates Laura_R_chung HORSE RADDISH. Australian banks are greed based organisations, they care nought for the public, just THEIR greed as Senior Employees gifted shares, who want to say how good shareholder returns (to themselves) are. Australia bank derivative balloon tells REAL risk GREED. clancyyeates Laura_R_chung The cartel is strong.
Source: smh - 🏆 6. / 80 Read more »
Frydenberg slams big four for not passing on RBA interest rate cutsTreasurer Josh Frydenberg has urged customers to shop around after Australia's big four banks refused to pass on the Reserve Bank's record low interest rates cuts in full. 9News Lol here we go ...how are we going to get out of the mess we are in? The world is drowning in debt they can't pay back... What a disaster I think Australians should shop around for a new federal treasurer, what's the point of state cut if the the banks don't acknowledge it? Dumb reporting..... Just proves once again that the big banks hold more power then the government ....
Source: 9NewsAUS - 🏆 10. / 72 Read more »
CBA fails to pass full rate cut on most loansBreaking: Commonwealth Bank has resisted the government's call for banks to pass on in full the latest cut in official interest rates Putrid So will CON bank refuse to cut rates to SAVERS. increase interest to savers. or just skim the cream off the top Of course they did. The government telling the banks to pass it on in full and the banks not, is becoming a silly dance.
Source: smh - 🏆 6. / 80 Read more »
Big banks fail to pass on full savings | Sky News AustraliaTwo of the big four banks have failed to pass on interest rate cuts to customers in full, after the cash rate was cut to an historic low on Tuesday. \n\nReserve Bank Governor Phillip Lowe already flagged there may be more cuts on the way if the economy does not respond.\n\nThe RBA cut the cash rate by 25 basis points to 0.75 per cent on Tuesday - the first time Australia has seen interest rates fall below 1 per cent. \n\nThe first to move was the nation’s biggest, the Commonwealth Bank of Australia, which only passed on a cut of 0.13 per cent to owner occupiers and investors paying principle. \n\nShortly afterwards the National Australia Bank announced it would only cut its rates by 0.15 per cent.\n\nANZ and Westpac are yet to announce their intentions. Well we should all pull our money out then it’s not a bank Banks who fail to pass on the full rate cut should have taxes increased to remove it from them ... if the rate cut is a stimulus then banks need to get out of the way ... greed!!!
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Banks urged to pass on projected interest rate cut in full | Sky News AustraliaThe Prime Minister is urging the big four banks to pass on any interest rate cut in full, despite pressure remaining on institutions to maintain profits.\n\nThe Reserve Bank is widely tipped to lower the official interest rate to a new record low when it meets on Tuesday.\n\nForecasts suggest the rate will be slashed to 0.75 per cent, after reductions made in June and July failed to make a significant impact on the economy. \n\nRecent national accounts data shows economic growth slowed to just 1.4 per cent for the year to June, which was the weakest result since 2009. \n\nImage: AP
Source: SkyNewsAust - 🏆 7. / 78 Read more »