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Major bank boss telegraphs rate move

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Australian Broker | 09 May 2012, 03:45 AM Agree 0
ANZ looks unlikely to pass on the RBA's full 50bp cut when it makes its rate announcement on Friday
  • Garry | 09 May 2012, 10:44 AM Agree 0
    Its about time this BS about funding costs was put to bed. No one believes it any more. The banks are making more profit on each loan than pre GFC and they control significantly more of the market. The banks know exactly what the ROI is on each loan - hence the rate discounts given to the top tier brokers. Its about time they told the truth and stated that they just wnat to maximise their returns and stopped treating everyone like idiots!!!!!!!!!!
  • Craig Dres | 09 May 2012, 10:52 AM Agree 0
    Mike Smith and co stop lying. A very weak government and Treasurer also helps their cause.
    They never did this whilst Peter Costello was Treasurer!!!
  • Country Broker | 09 May 2012, 11:21 AM Agree 0
    This needs to stop , we can all see through the smoke and mirrors all the big 4 CEO should belong to the international society for illusionists !! There is more soin in their explanationsabout rate settings than the Federal Parliment during budget week !!
  • Gary | 09 May 2012, 12:14 PM Agree 0
    Sorry Craig, the big four have flourished no matter who was or is in power, they collectively increased profit from all reports from $10.8b in 1999 to $22.7b in 2006. In 2009 it was only (tongue in cheek) $23.4b. They hold a monoply and utilise it in a very controlled manner, as any business would, to ensure good profits and therefore stable share price. This profit is a massive burden to the Australian public, don't know the fix but I would love to hear some great ideas.
  • John Santo | 09 May 2012, 03:18 PM Agree 0
    What is with the ANZ? They are gouging interest from their clients under the guise of this rubbish of a second friday of the month meeting. Whilst other majors have passed on cuts to borrowes the ANZ gouge. What a disgrace
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