ANZ has today increased its rates despite the RBA keeping theirs unchanged

When did that happen under a Coalition government?

Maqqa wrote on Feb 6^th, 2012 at 9:09pm:


You probably also don't remember (even though you have been shown the articles several times) that in 2007 the banks gave Mr Costello notice that they were going to act independant of the RBA.

Since Keating freed up Australias financial system there has been plenty of choice so I cant for the life of me see why people are still complaining about the banks.
If you dont like your bank or you think they are ripping you off...move your business elsewhere.

Maqqa probably still believes the Chinese economic boom wasnt responsible for our surpluses.
He still thinks Howard was an alchemist 

Time for a peoples bank perhaps?




“To the Treasurer: an Australia Post People’s Bank would allow taxpayers to easily regain the advantages of government owned and operated banking. All of the electronic transfer infrastructure already exists and it would provide job opportunities in the smallest communities where the big four and their co-branded derivatives don’t want to open a branch. It would not charge exorbitant illegal fees and would always follow Reserve Bank leads on interest rates. Operating surplus could assist budget bottom line. Will you make it happen?”


"The idea of a “people’s bank” was raised by the “Six Economists” who urged a new financial inquiry and a range of other measures in 2009 in the aftermath of the financial crisis with Australia Post proposed as the vehicle for increasing competition in a market dominated by the big four banks. The letter raised 14 specific questions, each of them meaty issues. I wrote about the issue at the time (in the shadow of the GFC and with Kevin Rudd at the helm):

“It merits serious consideration because the long-term project —  pursued by both sides of politics —  to maintain competition in lending in Australia is failing. It depended on the availability of externally-sourced capital for the residential mortgage-backed securities (RMBS) market, which was fine while the world financial system was spilling over with finance but ended the moment the crisis hit —  especially after the bank guarantee massively strengthened the hand of the major banks over what was left of the non-bank lending sector.

“… It’s hard to see what downsides there are for the government in conducting the sort of inquiry urged in the letter. It has handled the triage stage of the financial crisis very well. Now is the time to take a step back and consider an overarching strategy.

“How long until the government is again confronted with one of the banks unilaterally raising interest rates, particularly for business lending? The problem of Australia’s banking oligopoly needs a long-term solution.”

And just to highlight that this issue is just as relevant as it was in July 2009, there’s currently speculation that, in the absence of an RBA rate cut, ANZ is considering lifting interest rates despite recent claims from banks about rising funding costs repeatedly being discredited.
"

http://www.crikey.com.au/2012/02/09/oursay-challenges-mps-on-intervention-bankin...

UBank UHomeLoan (Variable Rate) Offering a $0 application and ongoing fee, plus a low
interest rate 6.14% Comp 6.14% $0 / $0 80% $100,000 / $1,000,00




PMG Standard Variable Home Loan A flexible home loan offer with one of the lowest available home loan interest rates in the market. 6.16% Comp 6.16% $0 / $0 90% $0 / $2,000,000

I read somewhere recently that japanese banks are thinking about opening up their services in australia.

Home loan interest rates between 1.5 to 3 percent.



I'm paying about 2 percent here in tokyo.

adelcrow wrote on Feb 10^th, 2012 at 6:08pm:


The same boom is still rampant with even higher prices

Yet Swan can't seem to balance the books and/or increase GDP