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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 (6,483 Views)
Elastic
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b_b
12 Dec 2011, 11:50 PM
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)
I guess you could consider the banks' $20B profits as being removed from the economy.

Of course, some of that returns to Australian shareholders but when I last checked a big chunk of our banks were owned by US banks.
Only a rat can win a rat race.

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Strindberg
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Elastic
13 Dec 2011, 10:15 AM
I guess you could consider the banks' $20B profits as being removed from the economy.

Of course, some of that returns to Australian shareholders but when I last checked a big chunk of our banks were owned by US banks.
All Australian company dividends are paid in AUD. Those AUD remain in the Australian banking system and can only be spent in the Australian economy. A US bank may wish to divest their ownership of AUD but they can can't extinguish those AUD. Only ownership of those AUD changes. They can't be removed from the Australian economy.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Elastic
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Strindberg
13 Dec 2011, 10:48 AM
All Australian company dividends are paid in AUD. Those AUD remain in the Australian banking system and can only be spent in the Australian economy. A US bank may wish to divest their ownership of AUD but they can can't extinguish those AUD. Only ownership of those AUD changes. They can't be removed from the Australian economy.
That seems a bit of a red herring to suggest that these profits don't leave the country because they are earnt in Australian dollars.

It seems that Australian banks are borrowing money from OS banks to provide home loans.
In that situation they are converting foreign currency into $Aus.

When they earn their profits the $Aus are being converted back into international currency and leaving the country.

Wouldn't surprise me if it's the same banks that are doing the lending to the Aus banks that are also part owners of same banks.
Only a rat can win a rat race.

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Count du Monet
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So true! But considering historically when the gold has peaked in price, 50 to 80 ounces buys an Aus median house.

So if the banks are giving you a raw deal, buy gold and the odds are in 2013 you'll at least double your purchase power for a house.

Right now a Melbourne Median house is 550k? That's 330 ounces, how much in ounces in a few years time?

My guess is property is in for a 50% tumble like in the US........don't get burned by this inferior product which in Aus is an overpriced ship of fools!!! :lol:

Don't buy property until the big tumble!!!
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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Admin
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Quote:
 
Banks sink to new low as savers miss out interest rises

by: Wes Hosking
From: Herald Sun
February 28, 2012 12:00AM

NOT a single bank has lifted its interest rates on savings accounts despite slugging borrowers at the same time.

One bank has even slashed rates for investors by as much as .15 of a percentage point, while raising its home loan variable rate by the same amount.

Experts accuse the industry of double standards and are urging customers to switch if they find a better deal.

An analysis of 200 accounts shows savers were this month denied any extra returns despite 36 institutions lifting their variable home loan rates.

Bendigo Bank dropped returns on its Classic account between .10 and .15 of a percentage point.

Read more: http://www.adelaidenow.com.au/news/national/banks-sink-to-new-low-as-savers-miss-out-interest-rises/story-e6frea8c-1226283390508
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dave289
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Frank Castle
12 Dec 2011, 09:09 AM
Debtors REWARDED
Savers PUNISHED


Comment of the truly overlevereged about to get a hiding .

Lets see now , I can get 6% or more variable on a savings account from over 4 banks , but yet I can get a 5.99% or even less with some on a fixed 3 year fixed home loan with over 6 lenders probably 10.

I have never ever seen a time in history where where fixed rate home loans have been at a lower rate than a variable savings account . The banks are trying desperately to get you guys to lock in for three years at 5.99 on your mortgage , and thats exactly why they have not moved fixed rates ,only variable rates up and only by the smallest margins in history , this will force people into fixed three year loans . If you geniuses where a bank manager would you be trying to get people to lock in to a fixed three year deal if you thought interest rates where going to go up .

Just so you all know the banks are expecting interest rates to be very very low for at least three years. You will all see interest rates drop during the year , if they dont the banks will be ramming themselves up the arse( frank style) with falling house prices faster than they would have been otherwise , they will be forced to take a haircut on their 25 billion dollar profits or else take a far greater haircut on house prices and bad debts on their books . Come on guys , you need to use your brain a bit more and think outside your little box . I have said to others before that I often look at things from above , I can see evrything below me and take it all in and make decisions from that . It is not rocket science or guess work , it is a case of merely looking at all the facts and seeing what are the possible and likely outcomes .

In my old thread I had some refer to me as nostredamus , others said that I must have one big fucking chrystal ball , another said he had read my thread from the beggining ,which was in april 2009 , he said , "most of what dave289 has said had happened , be it late or early , it has happened ,just as he has said ". Some of these guys thought that I could read the future , which I found very amusing . Simple fact is , I looked at evrything from all angels and made what was an obvious conclusion to these events , plain and simple and it just so happened to turn out pretty much exactly the way I explained it , not rocket science, just common sense when you can look at all factors from all angles.
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Shadow
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Evil Mouzealot Specufestor

dave289
29 Feb 2012, 10:46 AM
In my old thread I had some refer to me as nostredamus , others said that I must have one big fucking chrystal ball , another said he had read my thread from the beggining ,which was in april 2009 , he said , "most of what dave289 has said had happened
This forum is only big enough for one narcissist.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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Trojan
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Shadow
29 Feb 2012, 10:52 AM
dave289
29 Feb 2012, 10:46 AM
In my old thread I had some refer to me as nostredamus , others said that I must have one big fucking chrystal ball , another said he had read my thread from the beggining ,which was in april 2009 , he said , "most of what dave289 has said had happened
This forum is only big enough for one narcissist.
My kids think I can fix anything but it doesn't change the fact that I can't - It just means their perception is wrong ...
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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dave289
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Shadow
29 Feb 2012, 10:52 AM
dave289
29 Feb 2012, 10:46 AM
In my old thread I had some refer to me as nostredamus , others said that I must have one big fucking chrystal ball , another said he had read my thread from the beggining ,which was in april 2009 , he said , "most of what dave289 has said had happened
This forum is only big enough for one narcissist.
The other forum had over 60,000 members.
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Sydneyite
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Can you post a link to this Nostradamus like 2009 thread please?
For Aussie property bears, "denial", is not just a long river in North Africa.....
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