Re: RBA 'happy' with big bank rate hikes
Mr. 7%
"Sir John Howard" <sirjh...@gmail.com> wrote in message
news:1474298e-805d-4e2d...@u10g2000prn.googlegroups.com...
> http://www.news.com.au/business/story/0,23636,23439079-462,00.html
>
> The National Australia Bank raised its variable home loan rate by
> another nine basis points this week, on top of a 29 basis point rise
> earlier this month, taking them to 9.36 per cent.
>
> The bank's 38 basis point increase in lending rates was well above the
> RBA's 25 basis point March rate rise, which took the cash rate to a 12-
> year high of 7.25 per cent.
>
> The Commonwealth Bank of Australia, ANZ and St George all raised their
> variable lending rates by 35 basis points after this month's RBA
> meeting.
>
> The upward movement in lending rates beyond the official cash rate
> increases was acknowledged by the RBA when it raised the cash rate
> earlier this month.
>
> -------------------
>
> Look like Swann will be wearing his brown pants for a very long time!
> ha ha ha!
Every rate rise hurts the Coalition actually, because people still remember
the 11 interest rate rises in a row under Howard after he promised to keep
them at record lows.
Luckily for Rudd the population have a memory longer then you lot.
ex_liberal_voter
According to the following story the Lying Rodent promised to keep
interest rates at 30-year lows:
http://sunday.ninemsn.com.au/sunday/political_transcripts/article_2342.asp
They then promptly went to 10+ year highs and among the highest in the
OECD:
Green Lantern
"Sir John Howard" <sirjh...@gmail.com> wrote in message
news:1474298e-805d-4e2d...@u10g2000prn.googlegroups.com...
> http://www.news.com.au/business/story/0,23636,23439079-462,00.html
>
> their lending rates beyond official moves in the cash rate because it
> helps in the fight against inflation, economists said today.
>
> The central bank governor Glenn Stevens said today it was unrealistic
> to expect the banks to move their lending rates only in line with the
> official cash rate given "the recent environment".
>
> "The relationship between the cash rate (or, more correctly, the
> expected future cash rate) and rates on high quality private paper at
> a three-to-six month term is much looser at present than it has tended
> to be over recent years," Mr Stevens told a Sydney conference today.
>
> "This means that the cost to banks of raising funds in the market has
> moved independently of the overnight rate.
>
> "The presumption that their lending rates would and should move only
> in line with the cash rate, which had arisen in an earlier period when
> all these rates were much more closely related, has not been a
> realistic one in the recent environment," he said.
>
> Lehman Brothers chief economist Stephen Roberts said Mr Stevens's
> speech indicated the RBA was pleased the banks were putting up their
> lending rates beyond official interest rate moves.
>
> "They're certainly not unhappy with banks raising rates," he said.
> "That keeps monetary conditions tight to the extent the banks have
> been raising rates.
>
> "If the banks hadn't done that, they (the RBA) would have had to raise
> the cash rate further. The whole aim of monetary policy is to contain
> domestic spending."
>
> The National Australia Bank raised its variable home loan rate by
> another nine basis points this week, on top of a 29 basis point rise
> earlier this month, taking them to 9.36 per cent.
>
> The bank's 38 basis point increase in lending rates was well above the
> RBA's 25 basis point March rate rise, which took the cash rate to a 12-
> year high of 7.25 per cent.
>
> The Commonwealth Bank of Australia, ANZ and St George all raised their
> variable lending rates by 35 basis points after this month's RBA
> meeting.
>
> The upward movement in lending rates beyond the official cash rate
> increases was acknowledged by the RBA when it raised the cash rate
> earlier this month.
>
> -------------------
>
> Look like Swann will be wearing his brown pants for a very long time!
> ha ha ha!
Swan should be happy then.
LOL
John Phillips
> Every rate rise hurts the Coalition actually, because people still
> remember the 11 interest rate rises in a row under Howard after he
> promised to keep them at record lows.
Dream on.
The past is quickly forgotten.
What people remember is what is happening now, like Krudd pissing off
round the world, and leaving some critically ill people in the lurch,
when the slimy bastard said he would take care of them.
Talk about a filthy selfish turd!