RBA To Drop Rates - What are the Banks Doing?

The RBA is set to drop rates yet again but before you breathe a sigh of relief the major banks have already stated that they would not pass this onto the consumer. In my view this is an absolute joke and simply a profit grab from the banking institutions.

Think back a month ago when the RBA dropped its rates and the banks followed suit, this time the banks will not drop their rates so in effect what the banks are doing is regaining any lost profit margin they gave away last month! Welcome to shareholder return at the cost of the community!

What makes matters worse is that the Australian government in all their wisdom have seen fit to not enforce the lowering of rates to the consumer. In essence the Australian Government has become a toothless tiger, since when does the corporate sector not have to follow the guidelines set out by a government and how come the average person has to bear the brunt of profiteering.

We are up in arms about fuel prices and consumer watchdogs are all over oil companies like a rash but the banks seem to dictate their own terms regardless of whats good for the Australian economy.

If the government of today were to really make an impact then they should enforce through legislation that the banks do pass on the decrease to consumers so that the flow on effect will be that little light of hope for all who have a home loan.

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