Saturday, February 11, 2012

Westpac’s Defiance!


Amidst all the mouth-frothing about the decision by ANZ and Westpac to add 0.06% and 0.10% respectively to their standard variable rate home loans, Yahoo news has summed it up neatly with…

“Westpac has become the second of the four big banks to raise interest rates in defiance of the Reserve Bank of Australia”

Defiance?  Reserve Bank?

Some other headlines of note:

Herald Sun – Greedy banks slug you another $240 a year

The Australian – Two of Australia's big four banks have defied Wayne Swan's calls for restraint

Adelaide Now – Banks rake in money, alienate customers – Westpac, ANZ lift variable rates after RBA  keeps them on hold

Sydney Morning Herald – Bold and bootyful ANZ set to lead the rate pack


Faced with this kind of nonsense it’s surprising that the banks bother to explain what they are up to….it only interferes with the outrage.

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