Australian Politics Forum - ANZ raises interest rates

Sir lastnail

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ANZ raises interest rates
Feb 10^th, 2012 at 2:54pm

Bad news for home buyers. How much more will they lift rates independent of the reserve bank ??

Now you can't trust what the Government tells you about the most enviable economy in the world.

Quote:

ANZ raises interest rates

ANZ has lifted its variable home loan and small business interest rates by 0.06 per cent despite the Reserve Bank's decision on Tuesday to leave official rates on hold.

The move takes ANZ's variable home loan rate to 7.36 per cent per annum, while the bank has now lowered its three-year fixed loan rate to 5.99 per cent.

ANZ's standard variable home loan rate is now the equal highest among the big four banks with Westpac, but many analysts expect at least some other institutions to take this opportunity to claw back some extra profit margin.

The rise in the standard variable rate will add about $13 a month to mortgage repayments on a $280,000 loan, according to ANZ.

The bank says its move was triggered by intense competition that was pushing up the costs of deposits, and higher costs for $8 billion in funding the bank has obtained on overseas markets since October.

The head of ANZ's Australian operations, Philip Chronican, says the alternative to raising rates may have been much less new lending which he says would have negative economic impacts.

"While we recognise our decision may leave some people frustrated and even angry, we believe Australia needs safe, well-run commercial banks that aren't a burden on taxpayers and that can continue to lend," he said in a statement.

"The alternative of weak, constrained banks that we see in the United States and in Europe is a recipe for stagnation and recession in Australia."

In December ANZ announced it would break with tradition and review its variable mortgage and small business rates on the second Friday of each month.

http://www.abc.net.au/news/2012-02-10/anz-increases-rates-by-6-basis-points/3823...

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longweekend58 Gold Member Offline Australian Politics Posts: 45675 Gender:	Re: ANZ raises interest rates Reply #1 - Feb 10^th, 2012 at 3:18pm the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government. never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.
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Sir lastnail

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Re: ANZ raises interest rates
Reply #2 - Feb 10^th, 2012 at 3:29pm

longweekend58 wrote on Feb 10^th, 2012 at 3:18pm:

the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government.

never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.

so what's your great financial advice now Mr Advisor Cheesy

LOL

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Dsmithy70

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Re: ANZ raises interest rates
Reply #3 - Feb 10^th, 2012 at 3:34pm

longweekend58 wrote on Feb 10^th, 2012 at 3:18pm:

the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government.

never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.

Gee why would that be Longy????
Peter Costello's iron fist? No because he begged the banks not to raise rates & they did as pointed out various times with conciding articles in the thread abouts banks a few days ago.

Do you think it was because they were the days when bankers still believed they could on-sell bad debt forever & money was cheap because of this falsehood???
Do you think that may have explained why banks were happy to do as the reserve did?

Now of course the house of cards has fallen, money is more expensive & lenders are wary, hell even countries nay whole continents look like going under, do you think that may have something to do with it???

Besides are you saying we should socialise the banks, have you abandoned the notion of small government/personal responsibility, have you joined the commies?

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longweekend58

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Re: ANZ raises interest rates
Reply #4 - Feb 10^th, 2012 at 3:42pm

Sir lastnail wrote on Feb 10^th, 2012 at 3:29pm:

longweekend58 wrote on Feb 10^th, 2012 at 3:18pm:

the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government.

never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.

so what's your great financial advice now Mr Advisor Cheesy

LOL

vote liberal for one.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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Paki gob on a stick Gold Member Offline Australian Politics Posts: 103408	Re: ANZ raises interest rates Reply #5 - Feb 10^th, 2012 at 3:46pm I don't understand why fixed term rates are much cheaper now. Does anyone know why?
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longweekend58

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Re: ANZ raises interest rates
Reply #6 - Feb 10^th, 2012 at 3:47pm

Dsmithy70 wrote on Feb 10^th, 2012 at 3:34pm:

longweekend58 wrote on Feb 10^th, 2012 at 3:18pm:

the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government.

never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.

Gee why would that be Longy????
Peter Costello's iron fist? No because he begged the banks not to raise rates & they did as pointed out various times with conciding articles in the thread abouts banks a few days ago.

Do you think it was because they were the days when bankers still believed they could on-sell bad debt forever & money was cheap because of this falsehood???
Do you think that may have explained why banks were happy to do as the reserve did?

Now of course the house of cards has fallen, money is more expensive & lenders are wary, hell even countries nay whole continents look like going under, do you think that may have something to do with it???

Besides are you saying we should socialise the banks, have you abandoned the notion of small government/personal responsibility, have you joined the commies?

like it or not, Swan is perceived by most as an idiot and by almost everyone as ineffective. The Banks certainly (literally) laugh off his threats. his big answer is to 'change banks'. the embarrassing stupidty of that just emboldens the banks to do whatever they want. Say what you want about Costello but he was no fool and the banks knew it. The banks know that they can do whatever they want and Swan will do absolutely nothing.

There is never a real lot the treasurer can do, but Costello managed to find the key but Swan is a janitor doing a big boys job badly.

the big lie to all the banks protestations about funding costs is their profits. no matter what they say and how convincing the argument sounds the truth is simple. EVERY year the profits get higher and this is happening in a time of global uncertainly and greatly reduced local growth.

Swan is a moron and we are paying for it.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: ANZ raises interest rates
Reply #7 - Feb 10^th, 2012 at 3:48pm

Dsmithy70 wrote on Feb 10^th, 2012 at 3:34pm:

longweekend58 wrote on Feb 10^th, 2012 at 3:18pm:

the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government.

never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.

Gee why would that be Longy????
Peter Costello's iron fist? No because he begged the banks not to raise rates & they did as pointed out various times with conciding articles in the thread abouts banks a few days ago.

Do you think it was because they were the days when bankers still believed they could on-sell bad debt forever & money was cheap because of this falsehood???
Do you think that may have explained why banks were happy to do as the reserve did?

Now of course the house of cards has fallen, money is more expensive & lenders are wary, hell even countries nay whole continents look like going under, do you think that may have something to do with it???

Besides are you saying we should socialise the banks, have you abandoned the notion of small government/personal responsibility, have you joined the commies?

IM saying that there shoudl be some effective government involvement in this issue and if there is one very marked failure of this government it is this. they have ZERO control over the banks and even less respect from them.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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Paki gob on a stick Gold Member Offline Australian Politics Posts: 103408	Re: ANZ raises interest rates Reply #8 - Feb 10^th, 2012 at 3:49pm Paki gob on a stick wrote on Feb 10^th, 2012 at 3:46pm: I don't understand why fixed term rates are much cheaper now. Does anyone know why? Why don't people just switch to fixed term rates? It's not like the Reserve Bank are threatening to massively lower rates any time soon.
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Dsmithy70

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Re: ANZ raises interest rates
Reply #9 - Feb 10^th, 2012 at 3:56pm

Quote:

The banks know that they can do whatever they want and Swan will do absolutely nothing.

What did Costello do when they defied him???
NOTHING, so they are the same.

Quote:

There is never a real lot the treasurer can do,

At last a bit of honesty

Quote:

but Costello managed to find the key

Key to what they did what they wanted, just as they are now.

Quote:

EVERY year the profits get higher and this is happening in a time of global uncertainly and greatly reduced local growth.

So I can mark you down in favour of a super profits tax?
Welcome to the light Grin

Or are we back down the FAILED path of regulation?

Quote:

Swan is a moron and we are paying for it.

Personal opinion is hardly an argument, in fact the VERY SAME advice that Costello offered(change Banks) has been made easier at least for new mortgagee's by SWAN with the removal of penalties.
Costello mouthed platitudes it would seem Swan cant so he does instead of talk.

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REBELLION is not what most people think it is.
REBELLION is when you turn off the TV & start educating & thinking for yourself.
Gavin Nascimento

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longweekend58

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Re: ANZ raises interest rates
Reply #10 - Feb 10^th, 2012 at 4:20pm

Dsmithy70 wrote on Feb 10^th, 2012 at 3:56pm:

Quote:

The banks know that they can do whatever they want and Swan will do absolutely nothing.

What did Costello do when they defied him???
NOTHING, so they are the same.

Quote:

There is never a real lot the treasurer can do,

At last a bit of honesty

Quote:

but Costello managed to find the key

Key to what they did what they wanted, just as they are now.

Quote:

EVERY year the profits get higher and this is happening in a time of global uncertainly and greatly reduced local growth.

So I can mark you down in favour of a super profits tax?
Welcome to the light Grin

Or are we back down the FAILED path of regulation?

Quote:

Swan is a moron and we are paying for it.

Personal opinion is hardly an argument, in fact the VERY SAME advice that Costello offered(change Banks) has been made easier at least for new mortgagee's by SWAN with the removal of penalties.
Costello mouthed platitudes it would seem Swan cant so he does instead of talk.

well that's just it... they pretty much DIDNT defy him. they followed RBA movements. Under swan they almost never have right from the start.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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longweekend58

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Re: ANZ raises interest rates
Reply #11 - Feb 10^th, 2012 at 4:24pm

Dsmithy70 wrote on Feb 10^th, 2012 at 3:56pm:

Quote:

The banks know that they can do whatever they want and Swan will do absolutely nothing.

What did Costello do when they defied him???
NOTHING, so they are the same.

Quote:

There is never a real lot the treasurer can do,

At last a bit of honesty

Quote:

but Costello managed to find the key

Key to what they did what they wanted, just as they are now.

Quote:

EVERY year the profits get higher and this is happening in a time of global uncertainly and greatly reduced local growth.

So I can mark you down in favour of a super profits tax?
Welcome to the light Grin

Or are we back down the FAILED path of regulation?

Quote:

Swan is a moron and we are paying for it.

Personal opinion is hardly an argument, in fact the VERY SAME advice that Costello offered(change Banks) has been made easier at least for new mortgagee's by SWAN with the removal of penalties.
Costello mouthed platitudes it would seem Swan cant so he does instead of talk.

a super tax on the banks would be appropriate since they are gouging customers. The miners (which is your obvious comparison) arent gouging anyone. They are just making a lot of money while emplying many and contributing more in taxes then taxpayers themselves. A PUNITIVE tax regime on the banks might bring them back into line and was in fact something Costello once threatened at a meeting with 3 of the 4 banks. That threat was taken seriously. Swan's wasnt primarily because he is seen as stupid man in a powerless government that wont be around for much longer.

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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."

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Annie Anthrax Gold Member Offline Posts: 7062 Gender:	Re: ANZ raises interest rates Reply #12 - Feb 10^th, 2012 at 4:53pm Banks going rogue. Hello, USA.
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red baron

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Re: ANZ raises interest rates
Reply #13 - Feb 10^th, 2012 at 7:04pm

Karnal, your question, why don;t people fix their rates? Last time we went through this circus my son did fix his rates when they were on the climb. Then suddenly the International Financial Crisis hit and the rates dived. My son got caught for several years paying way overt what the going rate is now.

The answer is that the poor bloody worker can never win.

today Westpac raised its rates.1 of per cent. This will no doubt cover Gail Kelly's next multi million dollar pay rise along with all those those other fat cats hanging off her threads at Westpac.

Then we had the STOOPID ACT OF THE CENTURY - THE ARCH CLOWN WAYNE SWANN on TV bleating on about changing banks.

If that guy doesn't qualify for the the Economic doe whacker of the Century, I will hang up my bat. Although it would be close between him and Paul Keating I admit.

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buzzanddidj

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Re: ANZ raises interest rates
Reply #14 - Feb 10^th, 2012 at 7:18pm

longweekend58 wrote on Feb 10^th, 2012 at 3:18pm:

the 0.06% rate rise is so trivial as to almost be beyond meaning EXCEPT that the ANZ has effectively signalled that THEY will be deciding rates, not the government.

never happened under the Libs. now under Swan, it has happened almost ever since he became treasurer.

I have not a DOUBT you don't believe this "tosh" about the banks not putting up rates because Costello TOLD them not to

In a case of "opportunism" your "argument" is a flimsy attempt to talk up Costello and the Howard Government - and talk down Swan and Labor

This trend of banks not following every trend of the RBA ( ... to the decimal point) began under COSTELLO - in the last rise before the 2007 Federal Election

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