Alpine Opinion

CBA rate rise

Posted in Politics, finance by Ray Dixon on 12 June, 2009

That's the last time I'll ever shake a sauce bottle.

"That's the last time I'll ever shake a sauce bottle."

P.M. lets us down

Fair shake suck of the sauce bottle, Kev, we want more cliches!

I’m not sure what disappoints me more, the news that the Commonwealth Bank has seen fit to, once again, go outside the Federal Reserve Bank system and increase home lending rates – albeit by just one tenth of one per cent - or Kevin Rudd’s failure to give us one of his o-so-nerdy, jingoistic responses.

Although he did pull out the old line, ‘We’re all in this together’.

According to this report  from the ABC, Prime Minister Kevin Rudd says “Australians have every right to be furious” about today’s shock Commonwealth Bank interest rate rise.

Well yes, I am. I don’t give a sh*t about what the bank says are its ”increased long-term funding costs,” it’s just not necessary. Why doesn’t the Government step in and penalise them? I think they should.

Fair shake of the sauce bottle, it’s UnAustralian, mate!

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9 comments

9 Responses

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  1. Don said, on 13 June, 2009 at 5:50 am

    All the banks shit me, I have been with Westpac for 20 years, maybe more, and I would have changed at times but all the automatic transfers one has and credit cards etc, just makes it such a bloody hassle to move. But, I think that’s the answer to dissatisfaction with a bank, take your business elsewhere, if CBA are brave enough to raise interest rates then good for them as a business, they exist to make money and they’ll make more by doing this, as long as they don’t lose too many customers because of it. It’s a gamble they’re prepared to take.

  2. Ray Dixon said, on 13 June, 2009 at 3:04 pm

    if CBA are brave enough to raise interest rates then good for them

    Is it “brave” to rip off their customers who they know will not go elsewhere because, as you point out, it’s “such a bloody hassle to move”, Don?

    I’d like to see the Government get tougher with banks who do this by imposing penalties somewhere. Not hard to do, it just requires some innovative thought & legislation.

  3. Rossini said, on 14 June, 2009 at 4:50 pm

    What bank customers have got to realise is that banks are not a benevalent society.

    Banks have employees who have to be paid.

    Depositors want a return for lending the bank their money.

    Shareholders want a return.

    As I see it to give you free banking

    employees , depositors, shareholders all suffer so you can use the bank facilities for free!

    Best of luck.

  4. Ray Dixon said, on 14 June, 2009 at 5:06 pm

    “Free banking”? I don’t think that’s what those opposing the way the banks operate are after.

    Yes, we know they’re not a benevolent society. Thanks.

  5. roxannatas said, on 14 June, 2009 at 5:40 pm

    They’re not exactly on the bones of their bums

    http://tinyurl.com/lf9na4

    and their profits go up and up every year.

  6. Ray Dixon said, on 14 June, 2009 at 7:27 pm

    It beats me Rox, why some people want to defend them.

  7. roxannatas said, on 14 June, 2009 at 7:34 pm

    Shareholders.

  8. pete samuels said, on 15 June, 2009 at 11:19 am

    http://www.fairshakeofthesaucebottlemate.com/

    Looks like someone’s worked out exactly what Rudd meant – lol crude but funny!

  9. Ray Dixon said, on 15 June, 2009 at 12:14 pm

    Oh, very funny. Yep, it’s crude alright but it just gets past my moderation control. Harmless fun I guess.


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