Thank you to my bank. Which bank?
The big banks are refusing to bow to pressure from politicians urging them to pass on the Reserve Bank’s 25-basis-point rate cut.
The central bank has dropped the official interest rate to 3 per cent, its lowest level in 49 years, but so far only the Commonwealth Bank has passed on some of the cut.
The CBA was the first of the big four to announce its reaction; it is passing on 10 basis points of the RBA cut.
Banks resist rates cut pressure
Obviously the Reserve Bank lowered interests rates by 0.25% today to help the banks with their profits. Was the Rudd government’s bank guarantee meant to help customers or shareholders? I’d sleep better if there was real competition between the banks and some choice for customers. Greed is still the name of the game.
They even have the cheek to take more than half. It’s time the government insisted on real quid pro quo for their underwriting of the banks.