It’s An All Time Record! 3 Consecutive Interest Rate Rises By The RBA
The powers that be have decided on another interest rate rise
We have been trained to think that if we listen to the RBA give their decision on an interest rate change that is what will hit our hip pocket, but NO, it appears the banks are taking decisions upon themselves to charge extra interest to their customers over and above the RBA increase.
Where is the reality of all this? They didn’t reduce the rates down with the RBA, and now they want to go up faster than the RBA. It seems there is only one winner here! The bank, of course!
One could understand if they were not making any profit, but not much seems to have changed there: still exorbitant incomes for the top brass, and mind boggling profits for the bank.
When will consumers get a fair deal?
The retail sector, the largest employer of people in Australia, did not welcome the December interest rate increase. There are concerns that the high spend Christmas that they were all hoping for just may not happen.
There is a real concern that a depressed post-Christmas spend will affect may businesses still, so it would be fair to say that although there are many signs of financial stabilization, until we are well into the second quarter of 2010, the true effect of the interest rate rises and the financial state of the country, will be known.
Filed Under: Property News
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