Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Major strikes down hopes for rate cut outside RBA

Notify me of new replies via email
Australian Broker | 08 Jul 2013, 08:00 AM Agree 0
The CEO of one of the major banks says rate cuts outside the RBA cycle are unlikely amidst rising funding custs
  • Maria Rigoni | 08 Jul 2013, 12:43 PM Agree 0
    How right this "appropriately" paid bank executive is... "the GFC is enormous in its impact. Any financial crisis has a long-run impact. We’ve probably got a few more years of real volatility to weather."
    ...meanwhile the Australian taxpayer who bailed the Big 4 out during the GFC and who continue to underwrite the most uncompetitive, concentrated and highly profitable banks in the world are treated as a money grab.
    Let's reflect for a minute on commission cuts, culling of accreditation, channel conflict, segregation of brokers based on volume of business introduced, deteriorated service levels, having a branding strategy 'so people who don't like us can bank with us thinking we are someone else', holding back interest cuts, margin creep, crying poor when profits are increasing, staff performance measured by 'every customer must have 4 products' rules... etc...
    The banking system is a money management mechanism that cannot operate without people using it. Modern society and technology gives us little chance of not using it.
    There is valid momentum of anger and dissatisfaction with how the dominant banks in this country use their dominant power and it is time we collectively insist that their behaviour changes!
Post a reply