Government pressures banks to pass on rate cut in full. Cartoon.

ANZ to break away from the Reserve Bank interest rate change cycle. Cartoon

What have the Bank's learned from rugby players?

 

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Raising interest rates. You know this is not about saving their business from loss, or ruin. None of the banks have lost a dollar. This is about increasing dividends and consequently share price. There is no other motivating factor.

If you need proof, read the commentary in the press about what happened to bank share prices after the announcement by Commonwealth Bank.

It's so wrong. It is grossly selfish and opportunistic.

It's the real swine virus. Infecting few, but affecting many.

Commonwealth Bank, National Australian Bank, ANZ, Westpac.

Australian Reserve Bank drops rates by 0.25%, Banks take interest.

 

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I almost hope the banks make record profits just so I can maintain my moral superiority.