Rate cut
Feb 3rd 2009, 2:46 am
#1
Lost in BE Cyberspace
Thread Starter
Joined: Apr 2004
Posts: 10,375
Rate cut
http://www.news.com.au/business/mone...016110,00.html
Good for those with debt, probably stuffs up just as many who live on savings, investments, pensions etc...
Good for those with debt, probably stuffs up just as many who live on savings, investments, pensions etc...
Feb 3rd 2009, 3:23 am
#2
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: Rate cut
The govt stimulus package will make it far, far easier for the big banks to only pass on e.g. .6% or .8% of this rate cut, without copping such a big hiding from the media.
Feb 3rd 2009, 3:57 am
#3
Living in Perthection
Joined: Mar 2003
Location: Wickedy WA WA...
Posts: 1,868
Re: Rate cut
Westpac passing on the full 1%, so it'll be hard for others not to follow suit.
http://www.news.com.au/perthnow/stor...41-951,00.html
Feb 3rd 2009, 4:10 am
#4
Oiiii.. You slaggg!
Joined: Feb 2004
Location: Brisbaneshire
Posts: 5,209
Re: Rate cut
Westpac passing on the full 1%, so it'll be hard for others not to follow suit.
http://www.news.com.au/perthnow/stor...41-951,00.html
http://www.news.com.au/perthnow/stor...41-951,00.html
Feb 3rd 2009, 4:21 am
#5
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Rate cut
Great news! Those who rely on savings' interest can be so pleased we are helping those in debt. One of the unforeseen consequences will no doubt be a large increase in people eligible for the pension and a larger drain on the public purse.
"THE Reserve Bank has cut interest rates by 100 basis points to 3.25 per cent, citing a "significant deterioration" in world economic conditions since late last year."
Still the same old thing: implying that it's all the fault of Johnnie Foreigner - never anything to do with Australia living beyond its means!
"THE Reserve Bank has cut interest rates by 100 basis points to 3.25 per cent, citing a "significant deterioration" in world economic conditions since late last year."
Still the same old thing: implying that it's all the fault of Johnnie Foreigner - never anything to do with Australia living beyond its means!
Feb 3rd 2009, 4:26 am
#6
Lost in BE Cyberspace
Joined: Sep 2007
Location: Canberra
Posts: 8,378
Re: Rate cut
Yup not good news if you have savings that you happen to live on and the super funds are still deep in the sh*t.
Feb 3rd 2009, 4:43 am
#7
Full Throttle
Joined: Mar 2005
Location: here
Posts: 1,728
Re: Rate cut
My savings rate will drop even further then... we cannot afford to buy a place, so what equity we brought over is in savings here.
So as inflation will no doubtedly rise soon, we may well be in the situation where interest rates are lower than inflation and our dollars in the bank will be worth less in real terms in a year or so's time than they are now... meaning we are even further away from buying aplace of our own*
ah well.
* unless there is a crash, I suppose - but owuld not want to wish that on anyone!
So as inflation will no doubtedly rise soon, we may well be in the situation where interest rates are lower than inflation and our dollars in the bank will be worth less in real terms in a year or so's time than they are now... meaning we are even further away from buying aplace of our own*
ah well.
* unless there is a crash, I suppose - but owuld not want to wish that on anyone!
Feb 3rd 2009, 8:09 am
#8
Melbourne - NE suburbs
Joined: Jun 2008
Posts: 1,032
Re: Rate cut
Westpac and ANZ have both already confirmed they are passing on the full 1%, so no reason for the others not to. Suncorp normally consistently follows suit within a week (our mob).
Feb 3rd 2009, 11:21 am
#9
BE Enthusiast
Joined: Feb 2005
Posts: 532
Re: Rate cut
Glad we just locked in our savings rate of 4.8%
