Australian Politics Forum - It Is Time To Turn The Tables On The Banks

Grappler Truth Teller Feller

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Re: It Is Time To Turn The Tables On The Banks
Reply #90 - Feb 16^th, 2023 at 10:32am

Babes - maybe I'm just a cynical old bastard ... but I saw this guillotine coming when interest rates were pegged so low that everyone went insane buying everything in sight, and raising the cost of housing so that the New Peasantry Tenant has become a norm while the few romp to the bank and the banks romp on defaults and deaths of marriages and families and thus create an instant double market* of demand so as to raise the cost of housing higher and higher.

Hands up those who didn't know this was the plan all along? Suck 'em all in - then shut the gate and chop 'em up... Blind Freddy could see this one coming....

* just like the MADIF creating around 1.5 times the available workforce by imposing women en masse into the economy - when you can enforce a regime of constant divorce and family disintegration, you instantly create - with a rate of divorce of 50% - around 1.5 times your captive market requiring housing and most often renting after owning ... ergo - you can improve YOUR profitability by ensuring that families are disintegrated... you get the cream of the mortgage until divorce time, then you get every cent back on 'defaulters' anyway, then you get to re-mortgage the next sucker at a higher rate of interest... and so it goes on...

Is there anyone out there who doesn't KNOW in his or her water that these arseholes actually think that way? And then they agitate the (stupid) government to bring in 200,000 more immigrants every year to do the same - push the prices through the roof for their own profit by guaranteeing a forever upward market in demand but never supply?

Are you with me yet? Imagine dividie preaching to me how the financial/economic/social contract system is broken... pure comedy ...

ARE YOU WITH ME IN OVERTHROWING THESE ARSEHOLES? OR ARE YOU JUST SITTING AROUND F

U

CKNG SPIDERS?

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“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence.”
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John Smith

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Re: It Is Time To Turn The Tables On The Banks
Reply #91 - Feb 16^th, 2023 at 11:22am

Sophia wrote on Feb 15^th, 2023 at 9:42pm:

John Smith wrote on Feb 15^th, 2023 at 8:26pm:

Sophia wrote on Feb 15^th, 2023 at 5:47pm:

*
How about…..5.65%

For 12 months …

https://www.latrobefinancial.com.au/investments/investment-solutions/12-month-te...

That's not exactly a term deposit

What is La Trobe 12 month term account?
12 Month Term Account aims to provide Investors with a reasonably stable and predictable income based on a monthly variable rate of return, investing in a wide range of loans secured by a mortgage in a range of industry sectors, with geographic diversification across Australia.

Still an option for good returns though.
This was advertised on tv tonight with this 12 month special @ 5.65%
So I looked it up.
This type of investment with good returns would suit some people that don’t want access to their money too soon. Maybe retirees?

It's an investment portfolio. Sure, the rates are good but they aren't guaranteed. You also run the risk (albeit a low risk) of losing your investment.

Always read the fine print

Quote:

The rates of return on your investment are current at 1 February 2023, determined monthly, may change, not guaranteed (may be lower than expected) and applicable rate paid at start of the following month. Credit Fund investment is not a bank deposit
& investors risk losing their principal investment. Withdrawal rights are subject to liquidity and may be delayed / suspended. Before deciding to invest, you should consider the PDS from the issuer La Trobe Financial Asset Management Limited AFSL 222213. You can read the PDS and Target Market Determinations on our website or ask for a copy by calling us on 13 80 10.

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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John Smith

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Re: It Is Time To Turn The Tables On The Banks
Reply #92 - Feb 16^th, 2023 at 11:26am

Sophia wrote on Feb 15^th, 2023 at 10:17pm:

The nerve of the RBA saying banks haven’t been tough enough to bring down inflation!

The RBA is doing it's job because OTHERS (govt) have failed. If the RBA didn't raise interest rates your lettuce would be up to $30 by now and you'd be crying that someone should do something about it. Interest rates are the reserve banks only lever to curb inflation ... the rest is up to govt policy

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #93 - Feb 16^th, 2023 at 11:37am

Sophia wrote on Feb 15^th, 2023 at 9:42pm:

John Smith wrote on Feb 15^th, 2023 at 8:26pm:

Sophia wrote on Feb 15^th, 2023 at 5:47pm:

*
How about…..5.65%

For 12 months …

https://www.latrobefinancial.com.au/investments/investment-solutions/12-month-te...

That's not exactly a term deposit

What is La Trobe 12 month term account?
12 Month Term Account aims to provide Investors with a reasonably stable and predictable income based on a monthly variable rate of return, investing in a wide range of loans secured by a mortgage in a range of industry sectors, with geographic diversification across Australia.

Still an option for good returns though.
This was advertised on tv tonight with this 12 month special @ 5.65%
So I looked it up.
This type of investment with good returns would suit some people that don’t want access to their money too soon. Maybe retirees?

1. It’s performed quite well in recent years.

2. That may explain why it was recently taken over by a Canadian multinational corporation.

3. You should direct your specific questions regarding investing in this entity to your accountant/financial advisor because these people are qualified to give you advice AND they know your personal details/circumstances.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #94 - Feb 16^th, 2023 at 11:59am

Sophia wrote on Feb 15^th, 2023 at 11:37pm:

Lisa Jones wrote on Feb 15^th, 2023 at 11:13pm:

Baronvonrort wrote on Feb 15^th, 2023 at 10:33pm:

Sophia wrote on Feb 15^th, 2023 at 10:17pm:

Lisa Jones wrote on Feb 15^th, 2023 at 9:52pm:

Sophia wrote on Feb 15^th, 2023 at 9:49pm:

Postmodern Trendoid III wrote on Feb 15^th, 2023 at 8:46pm:

Millionaire bank CEOs are our superiors.

Yep … I was listening to one that earns a million per annum talk tonight about how heavy hearted he was about struggling families with extra $1000 per month mortgage repayment.
I said to hubby….”heavy hearted? More like heavy wallet!”

How on earth can someone earning a million a year be empathetic with those that struggle with finances from day to day? I wish they would stop pretending!
These banks and their billions of $$$$ profit every year! And it’s increasing more so per annum!!

So their solution is… to expand the mortgage to 40 years so monthly payments are lower.
Roll Eyes

I don’t believe you heard that figure correctly. Why? It’s just too ridiculous.

Yep. That’s what was mentioned. Both hubby and I were watching this finance thing with the RBA guy being grilled with questions…on our Melbourne tv tonight and that’s what we both heard and I read it also as I have closed captions/teletext on.

The nerve of the RBA saying banks haven’t been tough enough to bring down inflation!

Like as if it’s the fault of us mere peons… how about making council rates, insurance, fines, registrations etc lower?
They’re the ones causing inflation with escalating costs.
Why so untouchable?

They’re cruising for a bruising and they will cause a recession… not us the people.

The RBA responds to failures of politicians who ruin our economy.

If our politicians did a good job with economic policy there would be no rise with interest rates.

It's going to get a lot worse.

I’m still trying to get over the notion of a 40 year mortgage 😳

It’s absolutely bizarre.

The idea of it mentioned (expanding the 30 yr to 40 yr mortgage) is to make repayments cheaper as on average… most are now paying $1000 a month extra with rates risen in quick succession.

But… I can’t see this as a permanent long term answer, maybe for immediate relief in the now, however… whatever savings any family could make with an extended 10 year mortgage repayment plan, will be short lived simply because … as mentioned by that RBA guy… they do not know when the interest rates will stop or even if it’s reached it’s peak!

They may give with one hand… but will take that and more with another hand!

I always thought it was a better idea to try and pay as much as you can in the first year or two of a mortgage to make it easier in the long haul and to shorten the duration of the loan, thus saving heaps at the end.
What do we see instead? These super low interest rates these past few years (I have never in my life seen it so low) and this was a time when…. Knuckling down to put in extra would’ve been so advantageous. But no… many just didn’t get it Roll Eyes

That opportunity is now fading fast…
Remember the adage play now pay later…whereas it could’ve been pay now play later.

Re real estate :

1. Jump in as soon as you can even if it means as an investor first.

2. Position Position Position <—this is where people stuff up the most. They jump in and buy in outer city/regional areas where the market does not move. There are a few exceptions of course but these only prove the rule.

3. Stay away from units/townhouses/villas/duplexes IF POSSIBLE. You won’t make money there. The REAL money is in detached homes built on the ground in capital city suburbia. Unfortunately these types of properties are fast disappearing. Don’t even look at battle axe properties! Those have already been subdivided and the real money had been made!

4. Don’t sell. Upgrade your property instead and use it as leverage to borrow more. Then go back to 1. and start the cycle again.

• Note : Always remember YOUR HEALTH AND HAPPINESS COMES FIRST!

• Note : Some people (for whatever reason) just cannot cope with/understood the concept of a mortgage commitment. These people are usually (not always) called children and they need to learn a few life lessons about commitment. A good way to do this is to get them to rent a property so their developing frontal lobe can finally wake up to the reality of sustainable and sensible financial independence. We have done this with our older children (they’ve rented our properties) and oh boy did they learn a few lessons about the cost of living and how to be responsible about what they earn and what they spend.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Gnads

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Re: It Is Time To Turn The Tables On The Banks
Reply #95 - Feb 16^th, 2023 at 12:29pm

Lisa Jones wrote on Feb 15^th, 2023 at 8:41pm:

Gnads wrote on Feb 15^th, 2023 at 7:42pm:

Lisa Jones wrote on Feb 15^th, 2023 at 10:33am:

Gnads wrote on Feb 15^th, 2023 at 9:23am:

Lisa Jones wrote on Feb 14^th, 2023 at 7:45pm:

Gnads wrote on Feb 14^th, 2023 at 9:32am:

issuevoter wrote on Feb 13^th, 2023 at 10:30pm:

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

Who's giving you 5%?

2.5 to 3% tops for term deposits.

Rubbish! Look harder!

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

Some are $1million minimum.

So my 2.5% to 3% is a good average of what's available with varying lock in time frames, minimums & maximum amounts.

https://www.finder.com.au/term-deposits?futm_medium=cpc&futm_source=google&futm_...

Well unfortunately for you I AM a smart @rse but only when it comes to investing after tax money because I was taught (as I was growing up) by poor hard working European migrant parents and extended family how to invest carefully and wisely in real estate AND in financial banking products/services. My parents arrived essentially as refugees with absolutely nothing but a suitcase of clothes and photos of their homeland. They also carried a heart and mind that was full of hope and gratitude to be able to come to Australia in the mid 1960’s. The fact that the Australian govt PAID for them to come back then was something they never forgot. Because of all this I can honestly say I owe whatever I’ve achieved in life to my European parents (and heritage). And that includes their smarts in making money.

Now let’s get back to you talking utter crap about Term Deposits.

Initially your comment was

👇

Quote:

2.5 to 3% tops for term deposits

After my post (to you) you then came back with this 👇

Quote:

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

And yet again I can see that YOU are AS INCOMPETENT as ever when it comes to investing money. Don’t worry ... my husband (who is an experienced accountant) is just as incompetent as you. So take heart ...you’re in good company there 😂🤣😆

Now ... in between cooking dinner for tonight and cleaning the kitchen plus hanging out 2 loads of washing I took my iPhone out of my pocket and IT TOOK ME LESS THAN 60 seconds to find a term deposit investment interest rate of 4.8%. With bugger all minimum amount conditions.

Less than 60 seconds!

Moving on....as you know these rates do change but even TODAY you can invest here at 4.8% 👇

https://www.ratecity.com.au/term-deposits/judo-bank/personal-term-deposit?minimu...

Don't increase the font size i.e. shout at me or you can go & get well & truly phukked.

Capise? I'm not playing any stupid games with your personalities.

So take heart .... I couldn't give a phukk what you say or think.

Mull over that for a bit ... then come back & tell me whose multi I am ...

you bloody idiot. Angry

Awww diddums! And all because I pwned your ignorant arse and showed you up for not knowing much about investing money. Your latest come back consists of nothing more than utter irrelevant BS! Get over it pal! No one cares if the sensitive wings of your ego have been slightly ruffled.

Get phukked you nut job.

Who am I today then?

You never answered Meister - "and then there's the PMs?"

If you were half as smart as you think you are you'd be dangerous.

And as I said to you .... I don't give a fat rats clacker what you think .... you're all over the place like a mad womans shyte.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #96 - Feb 16^th, 2023 at 1:14pm

Gnads wrote on Feb 16^th, 2023 at 12:29pm:

Lisa Jones wrote on Feb 15^th, 2023 at 8:41pm:

Gnads wrote on Feb 15^th, 2023 at 7:42pm:

Lisa Jones wrote on Feb 15^th, 2023 at 10:33am:

Gnads wrote on Feb 15^th, 2023 at 9:23am:

Lisa Jones wrote on Feb 14^th, 2023 at 7:45pm:

Gnads wrote on Feb 14^th, 2023 at 9:32am:

issuevoter wrote on Feb 13^th, 2023 at 10:30pm:

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

Who's giving you 5%?

2.5 to 3% tops for term deposits.

Rubbish! Look harder!

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

Some are $1million minimum.

So my 2.5% to 3% is a good average of what's available with varying lock in time frames, minimums & maximum amounts.

https://www.finder.com.au/term-deposits?futm_medium=cpc&futm_source=google&futm_...

Well unfortunately for you I AM a smart @rse but only when it comes to investing after tax money because I was taught (as I was growing up) by poor hard working European migrant parents and extended family how to invest carefully and wisely in real estate AND in financial banking products/services. My parents arrived essentially as refugees with absolutely nothing but a suitcase of clothes and photos of their homeland. They also carried a heart and mind that was full of hope and gratitude to be able to come to Australia in the mid 1960’s. The fact that the Australian govt PAID for them to come back then was something they never forgot. Because of all this I can honestly say I owe whatever I’ve achieved in life to my European parents (and heritage). And that includes their smarts in making money.

Now let’s get back to you talking utter crap about Term Deposits.

Initially your comment was

👇

Quote:

2.5 to 3% tops for term deposits

After my post (to you) you then came back with this 👇

Quote:

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

And yet again I can see that YOU are AS INCOMPETENT as ever when it comes to investing money. Don’t worry ... my husband (who is an experienced accountant) is just as incompetent as you. So take heart ...you’re in good company there 😂🤣😆

Now ... in between cooking dinner for tonight and cleaning the kitchen plus hanging out 2 loads of washing I took my iPhone out of my pocket and IT TOOK ME LESS THAN 60 seconds to find a term deposit investment interest rate of 4.8%. With bugger all minimum amount conditions.

Less than 60 seconds!

Moving on....as you know these rates do change but even TODAY you can invest here at 4.8% 👇

https://www.ratecity.com.au/term-deposits/judo-bank/personal-term-deposit?minimu...

Don't increase the font size i.e. shout at me or you can go & get well & truly phukked.

Capise? I'm not playing any stupid games with your personalities.

So take heart .... I couldn't give a phukk what you say or think.

Mull over that for a bit ... then come back & tell me whose multi I am ...

you bloody idiot. Angry

Awww diddums! And all because I pwned your ignorant arse and showed you up for not knowing much about investing money. Your latest come back consists of nothing more than utter irrelevant BS! Get over it pal! No one cares if the sensitive wings of your ego have been slightly ruffled.

Get phukked you nut job.

Is that 👆 supposed to make me think you’re some type of tough keyboard typist? Sorry pal! If anything it confirms my earlier post. 😐

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #97 - Feb 16^th, 2023 at 3:37pm

Lisa Jones wrote on Feb 16^th, 2023 at 11:37am:

Sophia wrote on Feb 15^th, 2023 at 9:42pm:

John Smith wrote on Feb 15^th, 2023 at 8:26pm:

Sophia wrote on Feb 15^th, 2023 at 5:47pm:

*
How about…..5.65%

For 12 months …

https://www.latrobefinancial.com.au/investments/investment-solutions/12-month-te...

That's not exactly a term deposit

What is La Trobe 12 month term account?
12 Month Term Account aims to provide Investors with a reasonably stable and predictable income based on a monthly variable rate of return, investing in a wide range of loans secured by a mortgage in a range of industry sectors, with geographic diversification across Australia.

Still an option for good returns though.
This was advertised on tv tonight with this 12 month special @ 5.65%
So I looked it up.
This type of investment with good returns would suit some people that don’t want access to their money too soon. Maybe retirees?

1. It’s performed quite well in recent years.

2. That may explain why it was recently taken over by a Canadian multinational corporation.

3. You should direct your specific questions regarding investing in this entity to your accountant/financial advisor because these people are qualified to give you advice AND they know your personal details/circumstances.

https://financialnewswire.com.au/funds-management/asic-names-5-funds-over-market...

👆Interesting information here Sophia. ASIC is another organisation which can be contacted if you’re not sure.

If you’re anything like me you’d double check the information given by your accountant and/or financial advisor with the information given by ASIC.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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John Smith Gold Member Offline Australian Politics Posts: 74217 Gender:	Re: It Is Time To Turn The Tables On The Banks Reply #98 - Feb 16^th, 2023 at 4:54pm Lisa Jones wrote on Feb 16^th, 2023 at 3:37pm: If you’re anything like me you’d double check the information given by your accountant and/or financial advisor with the information given by ASIC. Don't you always claim that your imaginary husband is an accountant? You don't trust him?
Back to top	Our esteemed leader: I hope that bitch who was running their brothels for them gets raped with a cactus. IP Logged

Gnads

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Re: It Is Time To Turn The Tables On The Banks
Reply #99 - Feb 17^th, 2023 at 7:45am

Lisa Jones wrote on Feb 16^th, 2023 at 1:14pm:

Gnads wrote on Feb 16^th, 2023 at 12:29pm:

Lisa Jones wrote on Feb 15^th, 2023 at 8:41pm:

Gnads wrote on Feb 15^th, 2023 at 7:42pm:

Lisa Jones wrote on Feb 15^th, 2023 at 10:33am:

Gnads wrote on Feb 15^th, 2023 at 9:23am:

Lisa Jones wrote on Feb 14^th, 2023 at 7:45pm:

Gnads wrote on Feb 14^th, 2023 at 9:32am:

issuevoter wrote on Feb 13^th, 2023 at 10:30pm:

Lisa Jones wrote on Feb 13^th, 2023 at 12:07pm:

issuevoter wrote on Feb 13^th, 2023 at 10:27am:

Yes, NOW is the time to turn the tables on the banks, after they had been giving away loans at next to no interest for the last five years, on the Reserves theory that it would stimulate the economy. It was the fantasy of professional economists. It got so bad that Bankers started to seriously consider charging you to have an account.

We kind of are turning the tables on our banks.

How? Our borrowings are locked in at 2% for a further 3 years.

Our savings are locked in at 5%.

It’s all about careful timing. And luck.

Who's giving you 5%?

2.5 to 3% tops for term deposits.

Rubbish! Look harder!

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

Some are $1million minimum.

So my 2.5% to 3% is a good average of what's available with varying lock in time frames, minimums & maximum amounts.

https://www.finder.com.au/term-deposits?futm_medium=cpc&futm_source=google&futm_...

Well unfortunately for you I AM a smart @rse but only when it comes to investing after tax money because I was taught (as I was growing up) by poor hard working European migrant parents and extended family how to invest carefully and wisely in real estate AND in financial banking products/services. My parents arrived essentially as refugees with absolutely nothing but a suitcase of clothes and photos of their homeland. They also carried a heart and mind that was full of hope and gratitude to be able to come to Australia in the mid 1960’s. The fact that the Australian govt PAID for them to come back then was something they never forgot. Because of all this I can honestly say I owe whatever I’ve achieved in life to my European parents (and heritage). And that includes their smarts in making money.

Now let’s get back to you talking utter crap about Term Deposits.

Initially your comment was

👇

Quote:

2.5 to 3% tops for term deposits

After my post (to you) you then came back with this 👇

Quote:

Ok smart arse - 0.05% to 4.65% across 106 banks, credit unions & building societies.

4.65% is for 2 years minimum. Many have very high minimum amounts.

And yet again I can see that YOU are AS INCOMPETENT as ever when it comes to investing money. Don’t worry ... my husband (who is an experienced accountant) is just as incompetent as you. So take heart ...you’re in good company there 😂🤣😆

Now ... in between cooking dinner for tonight and cleaning the kitchen plus hanging out 2 loads of washing I took my iPhone out of my pocket and IT TOOK ME LESS THAN 60 seconds to find a term deposit investment interest rate of 4.8%. With bugger all minimum amount conditions.

Less than 60 seconds!

Moving on....as you know these rates do change but even TODAY you can invest here at 4.8% 👇

https://www.ratecity.com.au/term-deposits/judo-bank/personal-term-deposit?minimu...

Don't increase the font size i.e. shout at me or you can go & get well & truly phukked.

Capise? I'm not playing any stupid games with your personalities.

So take heart .... I couldn't give a phukk what you say or think.

Mull over that for a bit ... then come back & tell me whose multi I am ...

you bloody idiot. Angry

Awww diddums! And all because I pwned your ignorant arse and showed you up for not knowing much about investing money. Your latest come back consists of nothing more than utter irrelevant BS! Get over it pal! No one cares if the sensitive wings of your ego have been slightly ruffled.

Get phukked you nut job.

Is that 👆 supposed to make me think you’re some type of tough keyboard typist? Sorry pal! If anything it confirms my earlier post. 😐

You confirm your status at every post. Grin

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Lisa Jones

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Re: It Is Time To Turn The Tables On The Banks
Reply #100 - Feb 17^th, 2023 at 7:50am

That’s right I confirm my status at pwning your arse. Get over yourself! Just because you’re a bloke and you’re older than me ... sigh.

Oh and re Quote:

You confirm your status at every post

👆 “with” every post NOT “at” every post.

It must be very unsettling when a woman who is younger than you corrects your English grammar.

Oh and before I forget ... English is my SECOND language.

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« Last Edit: Feb 17^th, 2023 at 7:57am by Lisa Jones »

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Gnads

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Re: It Is Time To Turn The Tables On The Banks
Reply #101 - Feb 17^th, 2023 at 7:57am

Quote:

BANKS DON’T RATE SAVERS
CLARE ARMSTRONG - NATIONAL POLITICAL EDITOR

BANKS have been put on notice to pay up interest rates on savings
deposits, as high inflation sparks a rise in unemployment and home sales
slump.
The nation’s jobless rate climbed slightly to 3.7 per cent in the past
month, according to new figures from the Australian Bureau of Statistics,
with the situation expected to worsen as inflation fuels a cost-of-living
crisis.
Treasurer Jim Chalmers said the rise in unemployment was still expected
to continue up to the “middle fours” as the economy slowed.
“I’m certainly concerned that we’ll have inflation in our economy which is
higher than we’d liked for longer than we’d like and even as the
unemployment rate most likely ticks up a bit more,” he said.
New figures from Housing Industry Association (HIA) showed a 46.7 per
cent decline in new home sales in January compared to a year ago as rate
rises also cool demand for properties.

As NAB and Commonwealth Bank posted huge profits, Mr Chalmers again
urged all banks to “pass on the interest rate rises to savers as quickly as
you pass on the interest rate rises to mortgage holders”.
“I understand that people are furious, when mortgage rates go up more or
less immediately, and savings rates go up much slower or not at all,” he
said.
“This is the reason why I’ve asked the ACCC to do some work in this space.”

Mr Chalmers also hit back at reports he did not speak to RBA Governor
Philip Lowe on rates, arguing the pair talked “frequently” about the
economy.

“We do talk about the pressures on the economy, the steps that the government is taking and the steps that the Reserve Bank is taking,” he
said.

Mr Chalmers said as with past treasurers there was “no pressure” from
him on what interest rates should or shouldn’t do out of “respect” for the independence of the RBA.

Opposition Treasury spokesman Angus Taylor said the latest jobs data was an “ominous” early sign of a “dangerous combination” of high inflation
beside job losses.

“Higher cost of living, job losses,” he said.

“These are the outcomes that are the worst-case scenario for Australians under the current circumstances and we need a government with a
coherent plan that can deal with those issues.”

Australian Banking Association chief executive Anna Bligh said banks “stand ready” to assist the ACCC in an “open and transparent manner”.

“The purpose of the ACCC inquiry is to determine how savers are benefiting from a higher interest rate environment and I expect that the
final report … will provide clearer answers on how banks are dealing with this issue,” she said.

This week NAB announced a 18.7 per cent jump in cash earnings to $2.15bn in the last three months to December 31.

Commonwealth Bank announced a cash net profit after tax of $5.15bn for
the last six months of 2022.

On Thursday ANZ announced it expected the RBA would continue to raise rates two more months in a row up to 4.1 per cent in May this year.

The bank does not expect any easing in the cash rate until November 2024.

The way interest rates on mortgages are increased straight away ...... but the increase in interest on savings is delayed or not passed on at all .....

is exactly the same as Fuel companies jacking up the price at the bowser immediately there is a rise in the price of a barrel of oil....

then takes weeks to lower prices at the bowser or not at all when there is a drop in the price of oil.

No wonder people suffer from financial anemia when there are so many business parasites in the economy.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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Lisa Jones

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Australian Politics

Posts: 39047
Sydney
Gender: female

Re: It Is Time To Turn The Tables On The Banks
Reply #102 - Feb 17^th, 2023 at 8:00am

John Smith wrote on Feb 16^th, 2023 at 4:54pm:

Lisa Jones wrote on Feb 16^th, 2023 at 3:37pm:

If you’re anything like me you’d double check the information given by your accountant and/or financial advisor with the information given by ASIC.

Don't you always claim that your imaginary husband is an accountant? You don't trust him? Cheesy

I’ll just leave that 👆 here.

It’s important for everyone to see the dumbarse in action. I will give them a chance to make fun of him too.

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lisa Jones

Gold Member

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Australian Politics

Posts: 39047
Sydney
Gender: female

Re: It Is Time To Turn The Tables On The Banks
Reply #103 - Feb 17^th, 2023 at 8:05am

Gnads wrote on Feb 17^th, 2023 at 7:57am:

Quote:

BANKS DON’T RATE SAVERS
CLARE ARMSTRONG - NATIONAL POLITICAL EDITOR

BANKS have been put on notice to pay up interest rates on savings
deposits, as high inflation sparks a rise in unemployment and home sales
slump.
The nation’s jobless rate climbed slightly to 3.7 per cent in the past
month, according to new figures from the Australian Bureau of Statistics,
with the situation expected to worsen as inflation fuels a cost-of-living
crisis.
Treasurer Jim Chalmers said the rise in unemployment was still expected
to continue up to the “middle fours” as the economy slowed.
“I’m certainly concerned that we’ll have inflation in our economy which is
higher than we’d liked for longer than we’d like and even as the
unemployment rate most likely ticks up a bit more,” he said.
New figures from Housing Industry Association (HIA) showed a 46.7 per
cent decline in new home sales in January compared to a year ago as rate
rises also cool demand for properties.

As NAB and Commonwealth Bank posted huge profits, Mr Chalmers again
urged all banks to “pass on the interest rate rises to savers as quickly as
you pass on the interest rate rises to mortgage holders”.
“I understand that people are furious, when mortgage rates go up more or
less immediately, and savings rates go up much slower or not at all,” he
said.
“This is the reason why I’ve asked the ACCC to do some work in this space.”

Mr Chalmers also hit back at reports he did not speak to RBA Governor
Philip Lowe on rates, arguing the pair talked “frequently” about the
economy.

“We do talk about the pressures on the economy, the steps that the government is taking and the steps that the Reserve Bank is taking,” he
said.

Mr Chalmers said as with past treasurers there was “no pressure” from
him on what interest rates should or shouldn’t do out of “respect” for the independence of the RBA.

Opposition Treasury spokesman Angus Taylor said the latest jobs data was an “ominous” early sign of a “dangerous combination” of high inflation
beside job losses.

“Higher cost of living, job losses,” he said.

“These are the outcomes that are the worst-case scenario for Australians under the current circumstances and we need a government with a
coherent plan that can deal with those issues.”

Australian Banking Association chief executive Anna Bligh said banks “stand ready” to assist the ACCC in an “open and transparent manner”.

“The purpose of the ACCC inquiry is to determine how savers are benefiting from a higher interest rate environment and I expect that the
final report … will provide clearer answers on how banks are dealing with this issue,” she said.

This week NAB announced a 18.7 per cent jump in cash earnings to $2.15bn in the last three months to December 31.

Commonwealth Bank announced a cash net profit after tax of $5.15bn for
the last six months of 2022.

On Thursday ANZ announced it expected the RBA would continue to raise rates two more months in a row up to 4.1 per cent in May this year.

The bank does not expect any easing in the cash rate until November 2024.

The way interest rates on mortgages are increased straight away ...... but the increase in interest on savings is delayed or not passed on at all .....

is exactly the same as Fuel companies jacking up the price at the bowser immediately there is a rise in the price of a barrel of oil....

then takes weeks to lower prices at the bowser or not at all when there is a drop in the price of oil.

No wonder people suffer from financial anemia when there are so many business parasites in the economy.

Nothing new. It’s been going on since ummm forever.

Banks don’t make money out of people. They make their REAL money out of sheeple.

Fuel is a completely different issue. You don’t need to borrow money for that. You pay at point of sale. However you’re quite right about the delay in passing on/lowering the cost of fuel per litre though. That’s how the fuel industry makes their money. Shareholders in the fuel industry include well known Super fund brands. Have you got Super?

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« Last Edit: Feb 17^th, 2023 at 8:18am by Lisa Jones »

If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Gnads

Gold Member

Offline

Australian Politics

Posts: 29250
Gender: male

Re: It Is Time To Turn The Tables On The Banks
Reply #104 - Feb 17^th, 2023 at 8:40am

Lisa Jones wrote on Feb 17^th, 2023 at 8:05am:

Gnads wrote on Feb 17^th, 2023 at 7:57am:

Quote:

BANKS DON’T RATE SAVERS
CLARE ARMSTRONG - NATIONAL POLITICAL EDITOR

BANKS have been put on notice to pay up interest rates on savings
deposits, as high inflation sparks a rise in unemployment and home sales
slump.
The nation’s jobless rate climbed slightly to 3.7 per cent in the past
month, according to new figures from the Australian Bureau of Statistics,
with the situation expected to worsen as inflation fuels a cost-of-living
crisis.
Treasurer Jim Chalmers said the rise in unemployment was still expected
to continue up to the “middle fours” as the economy slowed.
“I’m certainly concerned that we’ll have inflation in our economy which is
higher than we’d liked for longer than we’d like and even as the
unemployment rate most likely ticks up a bit more,” he said.
New figures from Housing Industry Association (HIA) showed a 46.7 per
cent decline in new home sales in January compared to a year ago as rate
rises also cool demand for properties.

As NAB and Commonwealth Bank posted huge profits, Mr Chalmers again
urged all banks to “pass on the interest rate rises to savers as quickly as
you pass on the interest rate rises to mortgage holders”.
“I understand that people are furious, when mortgage rates go up more or
less immediately, and savings rates go up much slower or not at all,” he
said.
“This is the reason why I’ve asked the ACCC to do some work in this space.”

Mr Chalmers also hit back at reports he did not speak to RBA Governor
Philip Lowe on rates, arguing the pair talked “frequently” about the
economy.

“We do talk about the pressures on the economy, the steps that the government is taking and the steps that the Reserve Bank is taking,” he
said.

Mr Chalmers said as with past treasurers there was “no pressure” from
him on what interest rates should or shouldn’t do out of “respect” for the independence of the RBA.

Opposition Treasury spokesman Angus Taylor said the latest jobs data was an “ominous” early sign of a “dangerous combination” of high inflation
beside job losses.

“Higher cost of living, job losses,” he said.

“These are the outcomes that are the worst-case scenario for Australians under the current circumstances and we need a government with a
coherent plan that can deal with those issues.”

Australian Banking Association chief executive Anna Bligh said banks “stand ready” to assist the ACCC in an “open and transparent manner”.

“The purpose of the ACCC inquiry is to determine how savers are benefiting from a higher interest rate environment and I expect that the
final report … will provide clearer answers on how banks are dealing with this issue,” she said.

This week NAB announced a 18.7 per cent jump in cash earnings to $2.15bn in the last three months to December 31.

Commonwealth Bank announced a cash net profit after tax of $5.15bn for
the last six months of 2022.

On Thursday ANZ announced it expected the RBA would continue to raise rates two more months in a row up to 4.1 per cent in May this year.

The bank does not expect any easing in the cash rate until November 2024.

The way interest rates on mortgages are increased straight away ...... but the increase in interest on savings is delayed or not passed on at all .....

is exactly the same as Fuel companies jacking up the price at the bowser immediately there is a rise in the price of a barrel of oil....

then takes weeks to lower prices at the bowser or not at all when there is a drop in the price of oil.

No wonder people suffer from financial anemia when there are so many business parasites in the economy.

Nothing new. It’s been going on since ummm forever.

Banks don’t make money out of people. They make their REAL money out of sheeple.

Fuel is a completely different issue. You don’t need to borrow money for that. You pay at point of sale. However you’re quite right about the delay in passing on/lowering the cost of fuel per litre though. That’s how the fuel industry makes their money. Shareholders in the fuel industry include well known Super fund brands. Have you got Super?

How are you off for underpants?

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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