In Oz we have the absurdity of money invested with the banks returning less than 2.5% , housing loans less than 3% with some lenders and credit cards around 20-22%. All this before the latest 0.25% in official interest rate cuts which the poor banks (who continue to generate profits in the $billions) are unable to pass on in full. It’s almost a lay down misere that interest rates on deposits will drop the full 0.25%, housing loans will drop half of that amount & credit card interest rates will rise the full 0.25% or probably higher. Oz is no longer “the lucky country” with the government out of touch with controlling the Banks. The government was dragged kicking & screaming to the recent Banking Royal Commission and they still lack the authority to force the banks to pass on the full official rate cut.
In Oz we have the absurdity of money invested with the banks returning less than 2.5% , housing loans less than 3% with some lenders and credit cards around 20-22%. All this before the latest 0.25% in official interest rate cuts which the poor banks (who continue to generate profits in the $billions) are unable to pass on in full. It’s almost a lay down misere that interest rates on deposits will drop the full 0.25%, housing loans will drop half of that amount & credit card interest rates will rise the full 0.25% or probably higher. Oz is no longer “the lucky country” with the government out of touch with controlling the Banks. The government was dragged kicking & screaming to the recent Banking Royal Commission and they still lack the authority to force the banks to pass on the full official rate cut.