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Australian savers punished by rate cuts; Savings account rates down 0.55%, double RBA cut
Topic Started: 12 Dec 2011, 09:09 AM (6,474 Views)
Frank Castle
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Business As Usual

Debtors REWARDED
Savers PUNISHED


Quote:
 
Australian savers rattled by rate rewind

INTEREST rates paid on savings accounts have been tumbling as Australians' love affair with hoarding cash appears to be working against them.
A study by infochoice.com.au has found that term deposit and online savings account rates have dropped up to 0.55 percentage points in the past month - double the Reserve Bank of Australia's November rate cut of 0.25 percentage points.
Last week's RBA rate cut puts more downward pressure on savings account interest, but analysts say the outlook for deposits remains uncertain amid volatile financial markets.


Read more: http://www.news.com.au/money/interest-rates/savers-rattled-by-rate-rewind/story-e6frfmn0-1226219579803#ixzz1gGaLxDD1
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The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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Frank Castle
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Business As Usual

No comment eh?
Interesting

Just a little bit more and you can stick it right in

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NotFooled
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The Bear Whisperer

I agree. Government rewards debtors more than savers.
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muzza
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Just locked in at 5.9 for 8 months :D :D :D
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raveswei
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Frank Castle
12 Dec 2011, 06:19 PM
No comment eh?
Interesting

Just a little bit more and you can stick it right in

Posted Image
Your posts are not worth response so I'm here to remind you that you owe a house to charity.

Good people give to charity even with no obligation. You are trying to avoid legal obligation to give to charity.


BTW. How falling inflation affect your reward/punishment idea?

you are fool - there is nothing worse for debtors than low rates with low inflation - they will be paying half of their income for decades.
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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Nick1970
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raveswei
12 Dec 2011, 08:58 PM
Frank Castle
12 Dec 2011, 06:19 PM
No comment eh?
Interesting

Just a little bit more and you can stick it right in

Posted Image
Your posts are not worth response so I'm here to remind you that you owe a house to charity.

Good people give to charity even with no obligation. You are trying to avoid legal obligation to give to charity.


BTW. How falling inflation affect your reward/punishment idea?

you are fool - there is nothing worse for debtors than low rates with low inflation - they will be paying half of their income for decades.
It is not a good situation. You need a reasonable real rate of return for risk free investments - otherwise the result is a large misallocation of resources - investments receive capital when they probably shouldn't.... i.e low yielding properties that rely on capital gain alone to justify the whole exercise.
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Perthite
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I lot of people have mortgages but an increasing number of older retirees are being given the shaft. Potentially the banks are removing more cash than they are returning to the economy.
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Frank Castle
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Business As Usual

Nice to see ravingmad winning the race yet again for the fucktard of the year award
Always good for a laugh :lol:

Correction: I actually think rastus is still in front, but ravingmad is so very close
Edited by Frank Castle, 12 Dec 2011, 11:12 PM.
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b_b
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Perthite
12 Dec 2011, 09:20 PM
I lot of people have mortgages but an increasing number of older retirees are being given the shaft. Potentially the banks are removing more cash than they are returning to the economy.
That statement is quite simply impossible. This can only be done via the government by why of
- Federal budget surplus
- RBA buying AUD (selling FX reserves and gold)

(S – I) + (T - G) + (M - X) = 0
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Maveri
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Frank Castle
12 Dec 2011, 09:09 AM
Debtors REWARDED
Savers PUNISHED


So are you in favour of this or against it Frank?

I personally am against it not because I am a saver but because I don't think it's good overall for our nation unless the debt is used to provide real long term growth in asset classes that help us compete on a world platform

Trouble is I mostly see people borrowing to purchase more useless Chinese made crap or big screen TV's so they can sit in front of them all day and suck in more garbage

What are we investing in as a nation long term? Manufacturing is all but dead, IT is loosing jobs to India and that rate is accelerating, Retail is in decline and no looks of a recovery

The only areas growing seem to be in service based sectors like Health, which really don't help us on an international footing as its internal consumption. Oh and Mining of course, but with China slowing after periods of apparent stockpiling and India just posting a huge drop in Industrial Production (largest since 2009), one has to wonder how long we can go on relying upon mining to save the day?
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