What a farkin waste of time' fresh out of the commission the banks refuse to pass on the RBA cut'
Banks don't borrow from the RBA. About 2/3 of their funding comes from deposits. They can't cut deposit rates below zero, and at least some of their deposits are fixed term and still carry the old rates of interest until they mature.
Select to expand quoteMr Milk said..
Banks don't borrow from the RBA. About 2/3 of their funding comes from deposits. They can't cut deposit rates below zero, and at least some of their deposits are fixed term and still carry the old rates of interest until they mature.
Awwww... All of a sudden I feel sorry for those poor, big, banks...
Um, not...
I bought a house in 2001, and mortgage interest rates around then were about 5%. The economy seemed a lot better then.
Now, we seem to have an economy heading for the toilet, and mortgage interest rates seem to be close to 5%.
What happened? It seems when the RBA increased them, they went up, when the RBA decreased them, 'we can't afford to pass them on'... a lot!
I bought a house in 2001, and mortgage interest rates around then were about 5%. The economy seemed a lot better then.
Now, we seem to have an economy heading for the toilet, and mortgage interest rates seem to be close to 5%.
What happened? It seems when the RBA increased them, they went up, when the RBA decreased them, 'we can't afford to pass them on'... a lot!
Sentiment changed mostly, and we ran out of credit.
Watch this Documentary.
It delves into the money which is hidden offshore in places such as the Cayman Islands. The amount of wealth which avoids taxation is nothing short of astoundingly astonishing. Now sure, most of us know that this is happening but very few seem to appreciate that the struggle which the average working person is subjected to could be alleviated completely if these c.u. .n. t. s. had their wealth taxed at the same rate that our income is.
I don't know about the average Jimmy on this site but the $28,000 that I shelved out to the department of inland revenue last financial year would have a significantly beneficial impact on my plans for the future were it in my pocket.
I've no problem contributing my fair share. Problem is is it is not a fair share. It is grossly unfair and suffice to say that were the trillions of dollars which are hidden overseas taxed at the same rate there would be a lot of mums who would be able to bring up their kids instead of dropping them off to kid batteries every morning and a lot of dads not having to work 60 hours a week who could share the joy of spending time with family.
Select to expand quotePugwash said..Mr Milk said..
Banks don't borrow from the RBA. About 2/3 of their funding comes from deposits. They can't cut deposit rates below zero, and at least some of their deposits are fixed term and still carry the old rates of interest until they mature.
Awwww... All of a sudden I feel sorry for those poor, big, banks...
Um, not...
So what about those whining pensioners who have their money deposited in the banks? Any sympathy for them?
The banking royal commission had nothing to do with passing on rate cuts, it was about responsible lending practice. It could be argued that NOT passing on rate cuts is a far more responsible lending practice and having rate cuts is political hogwash because the government has no "Plan B" for our economy.
We only have to read the recent press headlines of "Real Estate Has Rebounded" to see that the last rate cuts passed on by the banks have just artificially inflated the price of real estate yet again and exposed the banks and society to even more risk of bad debt 
Read your history. Something of this nature has happened every single cycle. Nothing changes. Because the underlying root cause of it remains. But I'm tired of stating the obvious. Read you idiots and learn then this situation will not come as a surprise at all.
Select to expand quoteFormulaNova said..
I bought a house in 2001, and mortgage interest rates around then were about 5%. The economy seemed a lot better then.
Now, we seem to have an economy heading for the toilet, and mortgage interest rates seem to be close to 5%.
What happened? It seems when the RBA increased them, they went up, when the RBA decreased them, 'we can't afford to pass them on'... a lot!
Shouldn't be paying anywhere near 5%.
Currently on 3.46% and should drop to 3.33% this month. (Commonwealth variable).
Select to expand quotejapie said..
Watch this Documentary.
It delves into the money which is hidden offshore in places such as the Cayman Islands. The amount of wealth which avoids taxation is nothing short of astoundingly astonishing. Now sure, most of us know that this is happening but very few seem to appreciate that the struggle which the average working person is subjected to could be alleviated completely if these c.u. .n. t. s. had their wealth taxed at the same rate that our income is.
I don't know about the average Jimmy on this site but the $28,000 that I shelved out to the department of inland revenue last financial year would have a significantly beneficial impact on my plans for the future were it in my pocket.
I've no problem contributing my fair share. Problem is is it is not a fair share. It is grossly unfair and suffice to say that were the trillions of dollars which are hidden overseas taxed at the same rate there would be a lot of mums who would be able to bring up their kids instead of dropping them off to kid batteries every morning and a lot of dads not having to work 60 hours a week who could share the joy of spending time with family.
fricken hilarious. the man who complains about taxation justice constantly supports the right of politics.
why not a Royal Commission on politics or politicians and their so-called regulators?
Select to expand quotestoff said..FormulaNova said..
I bought a house in 2001, and mortgage interest rates around then were about 5%. The economy seemed a lot better then.
Now, we seem to have an economy heading for the toilet, and mortgage interest rates seem to be close to 5%.
What happened? It seems when the RBA increased them, they went up, when the RBA decreased them, 'we can't afford to pass them on'... a lot!
Shouldn't be paying anywhere near 5%.
Currently on 3.46% and should drop to 3.33% this month. (Commonwealth variable).
3.54% on investment loans here.
