http://www.thepunch.com.au/tags/interest-rates/ Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. en Copyright 2012 The Punch penberthyd@newsltd.com.au penberthyd@newsltd.com.au Thu, 09 Feb 2012 19:00:12 +0000 Thu, 09 Feb 2012 19:00:12 +0000 Politics, opinion, world news, sports news, latest news, views, Barack Obama, Kevin Rudd, Julia Gillard, Nathan Rees, Malcolm Turnbull, Peter Garrett, Barnaby Joyce, Australian, federal politics, opinion polls, election, The Punch, thepunch, punch ExpressionEngine 1.6.7 http://blogs.law.harvard.edu/tech/rss 15 http://www.thepunch.com.au/images/punch-logo-rss.png http://www.thepunch.com.au/ 144 70 Politics, political opinion, world news, sports news and the latest news and views updated live, daily on The Punch - Australia's best conversation. Search The Punch keywords http://www.thepunch.com.au/search/ http://www.thepunch.com.au/articles/those-greedy-atms-gobble-up-more-than-your-card1/ We’ve been talking a lot about interest rates this week. And the 30 per cent of us who have mortgages will be keeping our eyes on news websites today, with ANZ expected to push up its lending rates and the rest of the Big Four banks likely to follow. That’s despite the Reserve Bank keeping the official rate on hold earlier in the week. Interest rates are just one of the many ways that bankers rip us off. It’s pretty much their job. There’s no such thing as a free lunch (or mortgage) when it comes to the banks. The government can only do so much to protect us. Although in the past few years the federal government has started enacting some consumer-oriented reforms in the banking sector. But the government could be protecting us much better when it comes to one part of our everyday banking: the fees we get charged when we withdraw our dosh from an ATM that our bank doesn’t own. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/those-greedy-atms-gobble-up-more-than-your-card1/#comments http://www.thepunch.com.au/articles/those-greedy-atms-gobble-up-more-than-your-card1/#item7728 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/the-sun-is-shining-but-storms-lay-ahead-for-the-surplus/ The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/the-sun-is-shining-but-storms-lay-ahead-for-the-surplus/#comments http://www.thepunch.com.au/articles/the-sun-is-shining-but-storms-lay-ahead-for-the-surplus/#item7706 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/interest-rate-barney-barely-even-rates-as-interest/ Stop all the cheering, cut off the champagne. Prevent the pollies from barking and silence the drums. The piddling interest rate cut didn’t even happen. Today’s widely expected drop of 25 basis points was the catalyst for plenty of chest beating. Treasurer Wayne Swan tried to unleash righteous fury, the banks tried to cry poor, the unions said the banks are squeezing ordinary Australians, and not in a good way. Nothing happened. The Reserve Bank of Australia decided to keep the cash rate steady. But was all the hullabaloo justified in the first place? feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/interest-rate-barney-barely-even-rates-as-interest/#comments http://www.thepunch.com.au/articles/interest-rate-barney-barely-even-rates-as-interest/#item7700 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/punch-on-open-thread-07-02-2012/ It’s the first Tuesday of the month, so if you’ve got a mortgage, you know what that means: you’re going to be hearing about interest rates today. Economists are saying that it’s likely the RBA will cut rates. But those same economists, and punters, don’t seem to think it’s particularly likely the banks will pass on any cuts. What’s interesting YOUR rates today? What’s on your mind? feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/punch-on-open-thread-07-02-2012/#comments http://www.thepunch.com.au/articles/punch-on-open-thread-07-02-2012/#item7695 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/wayne-shut-your-jawbone-and-show-some-backbone/ Wayne Swan has made a mockery of his Finance Minister of the Year award in his dithering, spineless effort at pressuring the banks to do the decent thing on interest rates. Swan went into half-arsed PR mode yesterday, using the media to spruik the line that the Big Four banks should drop interest rates 0.25 per cent in line with the RBA’s 0.25 per cent cut in the official cash rate. He could have, and should have, done more. His role is not to lamely express dismay on our behalf. He is the Federal Treasurer. He has contacts. At moments like this, he should personally contact the Big Four bank chiefs and threaten all manner of medieval punishments if they fail to pass on the rate cut, the whole rate cut and nothing but the whole rate cut. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/wayne-shut-your-jawbone-and-show-some-backbone/#comments http://www.thepunch.com.au/articles/wayne-shut-your-jawbone-and-show-some-backbone/#item7326 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/punch-on-open-thread-07-12-2011/ An audible sigh went up around The Punch office yesterday as interest rates dropped a quarter of a per cent, as the bookies predicted. The PM said there would be no reason for the banks not to pass on the rate cut in fall, but as The Punch was signing off late yesterday that was yet to have happened. Are interest rates falling a good thing for you? Or do you have something a little more interesting to say that might get a rise out of us? It’s Wednesday, what’s on your mind folks? feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/punch-on-open-thread-07-12-2011/#comments http://www.thepunch.com.au/articles/punch-on-open-thread-07-12-2011/#item7318 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/Why-the-rate-cut-will-just-create-a-deeper-rut/ Yesterday’s 0.25 per cent cut in interest rates has been framed in today’s press as great news for people with existing mortgages and those seeking to enter the property market. Fair enough. On the face of it, it is good news. Repayments on the average 25 year home $300,000 loan will be $50 less this month, thanks to the jolly fellows in red and white fleecy suits at the RBA. But it’s even better news for wealthy property owners and real estate agents, who are both set to reap the rewards of an impending buying frenzy. No issue in Australian life is framed in a more upside-down, nonsensical way than the issue of property prices. The more the market heats up, the more we sing and dance and rejoice. That, despite “housing affordability” continuing to be the greatest misnomer in Australian life since the show Australia’s Got Talent. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/Why-the-rate-cut-will-just-create-a-deeper-rut/#comments http://www.thepunch.com.au/articles/Why-the-rate-cut-will-just-create-a-deeper-rut/#item7057 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/theres-not-really-a-lot-wayne-swan-can-do-about-banks/ Wayne Swan is aggrieved. The hard-working treasurer is disappointed at the way his long-heralded bank reform package has gone over. But should he be surprised really? Let’s face it, bank packages, especially over-hyped ones, always underwhelm. Knowing this, it is curious that the Government has again managed expectations so ham-fistedly, taking weeks to reveal an unremarkable hand. Perhaps, like many things, it depends on where you stand. After toiling away behind the scenes, the Government feels it has offered up serious reform. This may or may not turn out to be true if things like genuine portability of account numbers come to pass. Ditto with allowing banks to tap into the one trillion dollar national superannuation nest-egg, which may help storm-proof the finance sector against future global credit crunches. But neither of these reforms, nor many other aspects of the package, will do much for home-owners right now. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/theres-not-really-a-lot-wayne-swan-can-do-about-banks/#comments http://www.thepunch.com.au/articles/theres-not-really-a-lot-wayne-swan-can-do-about-banks/#item4689 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/thats-all-great-wayne-but-what-about-interest-rates/ Treasurer Wayne Swan, as Acting Prime Minister, began his press conference today by acknowledging Australians who have been hit by savage, widespread flooding. Then he started talking about how he was going to help ordinary Australians by shaking up bits of the financial system, and it was at that precise point that Wayne Swan lost about 99 per cent of banking customers. Floods they could understand, even if they were high and dry; covered bonds and RMBS funding were outside their usual ATM transactions. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/thats-all-great-wayne-but-what-about-interest-rates/#comments http://www.thepunch.com.au/articles/thats-all-great-wayne-but-what-about-interest-rates/#item4675 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury. http://www.thepunch.com.au/articles/the-major-parties-havent-done-enough-on-banks/ $6.4 billion in profit: Westpac Bank. $5.7 billion in profit: Commonwealth Bank. $4.2 billion in profit: the NAB. And $4.5 billion dollars in profit: the ANZ bank. That is $21 billion in profit made by the big four banks on the back of the worst global recession the world has seen since the Great Depression. $21 billion in profit made while the government continues to provide some guarantees to the banks first provided during the global financial crisis. The Greens believe enough is enough. feedback@thepunch.com.au (Antony McMullen) Article http://www.thepunch.com.au/articles/the-major-parties-havent-done-enough-on-banks/#comments http://www.thepunch.com.au/articles/the-major-parties-havent-done-enough-on-banks/#item4483 Thu, 09 Feb 2012 19:00:12 +0000 The Reserve Bank has decided the economy is ticking along for the moment, and airline passengers lists confirm that many Australians have had a bit of cash to spare. On the day the central bank left official interest rates untouched, the Bureau of Statistics revealed millions of Australians have been in a position to take advantage of the dollar’s golden powers abroad. Last year, short-term departures by Australians reached a new record of 7.8 million overseas visits, up from 7.1 million in 2010. Back in 2001 there were just 3.4 million visits. Some 57 per cent of those who left the country for a short time last year did so for a vacation and a further 22 per cent said it was to catch up with relatives. That amounts to a lot of people with the dough to put to travel, a relative luxury.