Malcolm Turnbull takes credit for ANZ interest rate cut

PM Malcolm Turnbull says no need for royal commission after ANZ rate cut.

Malcolm Turnbull takes credit for ANZ interest rate cut

Prime Minister Malcolm Turnbull is taking credit for an ANZ credit card interest rate cut, claiming it is evidence that his standing committee on economics is working.

The PM claims the rate cut proves that a royal commission into banking and finance is no longer necessary and that his committee has provided real results.

“I am bringing the banks regularly before the house economics committee and they are being held to account for their actions and you are seeing real results,” said Mr Turnbull.

ANZ has cut its credit card interest rate on its platinum card by two per cent, which will cost the bank around $25 million per year.

Not only has the PM taken credit for the rate cut, but Liberal MP Scott Buchholz, who sits on the committee, has effectively used the cut as an advertisement for ANZ.

“[ANZ] have showed commercial courage in this space and leading the charge on dropping their rates first and I would encourage anyone who has got a credit card in Australia if they are not happy with the interest rates they are paying in Australia at the moment, to migrate to the ANZ,” said Mr Buchholz.

The Government remains under pressure to instigate a royal commission into banks, with Labor, the Greens, the Nick Xenophon Team and other independents still in favour of the move.

Although the Coalition seems reticent to commit to a royal commission, there is a possibility that a parliamentary commission of inquiry could be another option.

Mr Buchholz has said that he’ll continue to put pressure on the other three big banks to follow ANZ’s rate cut.

“Pressure was brought about on the banks in that [first] inquiry and again, we will have the banks appearing early next month in the next fortnight in Canberra along with the Australian Banking Association and I will take a similar line of questioning with those banks that haven’t taken the commercial choice to shift their interest rates yet,” said Mr Buchholz.

Consumer watchdog CHOICE described the ANZ cut as "cold comfort" for customers, maintaining that the interest rates on credit cards are still far too high. In fact, the big four banks do not have a single card in the top 20 most competitive rates in the nation.

"They are still toxic products and the big four banks know that," said CHOICE spokesperson Tom Godfrey. "ANZ is a long way from having the most competitive card on the market."

Mr Godfrey believes the banks should drop their rates to more reasonable levels below 10 per cent.

Is Malcolm Turnbull clutching at straws? Or are you happy that there are signs that his committee is working? If not, do you still feel that we should have a royal commission into banking?

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    COMMENTS

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    Rosscoe
    20th Feb 2017
    10:31am
    We've got our own Donald Trump. Big talker - does nothing except rob the poor and look after his rich mates.
    libsareliars
    20th Feb 2017
    1:24pm
    Completely agree Rosscoe! He's also delusional and takes credit for things he shouldn't.
    niemakawa
    20th Feb 2017
    6:23pm
    You cannot compare Mr trump with our PM. The former is a true leader of the people.

    As for Mr Turnbull, I wonder if he will take credit when the banks increase their mortgage rates to offset the reduction in credit card interest rates. I think not.
    MICK
    20th Feb 2017
    6:48pm
    You need to hold fire on that one niemakawa. Trump has only been in the job a few weeks and the proof in the pudding will be in WHAT he does, if anything other than talk big. Personally I am waiting to see Trump deliver on a the promised corporate tax rate of 15% which he pushed during the campaign. Wait to see what that one does to working Americans.
    niemakawa
    20th Feb 2017
    6:58pm
    Mick I understand your point. There is a such a large opposition (media driven with the help of Obama, Clinton, Soros ) towards President Trump , that those against him will not let things settle. It will be a difficult road for him but I believe he is genuine with his promises to deliver to the American people.
    MICK
    20th Feb 2017
    10:58pm
    That is a bit unfair.
    The media in Australia during election time is totally one sided....but I guess that is what Trump expects too. Unlikely Obama had anything to do with media reporting but not so sure about Hillary who was the voice of Wall Street.
    LiveItUp
    21st Feb 2017
    7:14am
    Trump is a result of the world we now live in.
    TREBOR
    21st Feb 2017
    12:48pm
    So is everyone else, Bonny - the drive to selfishness first has brought this country to its knees.
    Timmy B
    20th Feb 2017
    10:43am
    He doesn't full anyone. After the financial crisis in the U.S, all CEOS from the big banks were summoned a congressional hearing and none of them got fired, nobody from the banks went to prison. They are now even bigger than they were prior to the crisis. Common Mr Turnbull. Get real and have a royal commission. These banks have asked for it and they deserve it.
    libsareliars
    20th Feb 2017
    1:25pm
    Yes Royal Commission now Malcolm, stop protecting the big end of town.
    Old Geezer
    20th Feb 2017
    3:13pm
    Why because people are stupid enough to borrow money at 19% or more?
    Lippy
    20th Feb 2017
    10:44am
    Malcolm, do you even own a credit card? If so, WHY? You claim to be well off yet ANZ cutting upto ( sounds like his NBN speeds, upto ) 2% will save around $200 a year is something you need to brag about. Try making the banks cut 10 to 15% and you may be seen as a super hero. Watch the ads about how people go to services to get debt under control because they are usually credit card owners ( probable never home owners paying 20% on cards ). I'm sure the only benefit here are the low income people being stripped of any support by your government to try and show they are doing us all a favor. OUT OF TOUCH PM : (
    TREBOR
    20th Feb 2017
    1:52pm
    Mal and The Rest have a Commonwealth credit card.. gold plated.
    Wstaton
    20th Feb 2017
    10:46am
    What a load of crap. The banks are doing the same as the Telephone companies. They lock you into a plan then bring out new plans that cost less but do not change your existing plans. You can only change if you find out. That's great for telco's when you find out you can change but with banks it's harder specially when you may find it hard to qualify with another bank. You do not have to do this with telco's.

    So with banks you can end up locked into the almost 20% interest rate like I am. This takes a great chunk out of my earnings making it impossible to bring my credit card down.

    These 11% credit cards are just a sales gimmick and nothing is done about the vast majority stuck on the 20% level.

    The banks will not do anything unless it is beneficial to them whatever Malcolm Turnbull says.

    Interesting when I do a spell check on "Turnbull" it comes up with "Turnbuckle"
    Lippy
    20th Feb 2017
    11:11am
    As someone who's background is telecommunications, NO ONE has to go on a contract. This is if you want to save money from some upfront costs only. The big T is a prime example, walk into a shop and they will not let you go without a contract. Look on their web site and they give you an option. The biggest scam is they don't care if 2 weeks later they release a new plan which is cheaper, they will hit you with a fee to exit which ends up of no benefit to the loyal customer. Apart from my fixed home loan, NOTHING is on contract so I am able to take advantage of new offers. Since changing over to NBN, have changed plans 3 times with to penalties ( same provider, no not T ).
    johninmelb
    20th Feb 2017
    11:41am
    Two things here.

    How are you "locked into" the 20% interest rate? If you don't like it, you cut up the card, and cancel it. End of discussion.

    Secondly, how is it taking a "great chunk out of your earnings"? Whatever. I can help you here with a little known secret. You pay off your credit card IN FULL every month BEFORE THE DUE DATE. Problem solved. Now you can get your credit card balance down easily.

    The banks and financial institutions can charge whatever interest rates they like. Don't bother me. They will never get a cent out of me, 'cos I pay the cards off every month.
    Old Geezer
    20th Feb 2017
    11:55am
    I agree you don't have to have contracts and I only have them if there is a big incentive to have one. Yes I have a NBN with the big T but it was offered to me at half normal costs and no one has since come near it. It ends soon so I'm hoping I get a similar deal from them If not then I look elsewhere. The big T allow me to keep my copper phone line at no extra cost and the others want me to use my NBN instead. So if I have no power or no NBN I have no phone. I only have electricity contracts with nil fees to change and regularly change if a better contract is available.

    I too hate contracts.
    Wstaton
    20th Feb 2017
    12:04pm
    Thanks for the helpful info johninmelb very courteous of you.

    My credit card got maxed out before I lost my job quite a while ago (and before you chide me i know it was my fault) and soon after I had to retire from full time work. I get a small pension from overseas and make up to a sort of livable wage by working from home. I have not missed a single payment to my bank for the last 8 years. Fortunately I own outright my own house (which I half built myself) I have reduced my credit card debt quite often but has always risen again when things like rates, water and all those other things come up. I have been with the same bank for over 20 years and have loyally paid my credit card debt without missing one and have always paid the charge before the due date. My credit card is the only debt I have.

    With the 20% interest it is impossible to bring it down but if it was 11% it would be just possible.

    Thanks for your advice.

    My credit card is the only debt I have.
    Wstaton
    20th Feb 2017
    12:16pm
    One other thing Mr. helpful.

    I am 75 and have never drawn a penny from the government pension or anything from Centrelink. Oh! sorry I am a bit of a bludger, I get a few things through my seniors card and get discounted and free travel in Melbourne on weekends whenever I visit there.
    KSS
    20th Feb 2017
    12:28pm
    Seems to me that the only reason you are 'locked into' your current interest rate on your credit card is because you do not have an income in order to pay it down. Otherwise you could quite easily transfer the debt to a no-interest card elsewhere and make a concerted effort to pay it off within the interest free period. As it is you are still adding to the debt in addition to the interest on that debt. This is not a problem of the bank's making.
    Old Geezer
    20th Feb 2017
    12:41pm
    Have you talked to your bank about transferring the credit card to a line of credit on your house? Interest rate would be only about 5% which would allow you to pay it off. Talk to a bank not a mortgage broker as you will get rejected by them. I once asked a mortgage broker for a loan and they didn't understand my circumstances so the most they would offer me was $100,000. I went to the bank and got offered over a million as they understood my circumstances.
    Wstaton
    20th Feb 2017
    12:49pm
    You are right there KSS. The problem is I pay the amount each month then have to use the credit card again to survive the next month which maxes it out again. I have always paid my other bills on time so I am not getting into further debt elsewhere but I do not make enough to pay it down. The initial problem of getting maxed out, was as you say, was not the banks problem but the continuation because of high interest rates I do see as the continuation of it. The debt is not increasing as it can't increase over the limit.

    As I have said this is the only debt I have. I earn enough to live without getting into further debt, feed myself well and am in great health. The only worry I have is if I became ill and not able to continue to do my work from home stuff. Then I may have to throw myself to the perils of the welfare system.

    Maybe I have earned it not drawing a government pension for the last 10 years.

    At this stage I can only see this debt staying my lifetime to eventually be paid off when I die from the sale of my property.
    Wstaton
    20th Feb 2017
    1:35pm
    Will look into this OG. Not quite sure of any ramifications. My country property is not worth as much as it would in the city but far exceeds the debt I owe and of course no mortgage.
    Gra
    20th Feb 2017
    2:49pm
    There is only one thing to do with a credit card - cut it up. If you can't live without one you are living beyond your means.
    Old Geezer
    20th Feb 2017
    6:37pm
    Gra I can't live without my credit card as I now live a cashless life and pay everything electronically. No fee I use a credit card but if fees then I use direct debit. Direct debit is a real pain compared to just paying with a credit card.
    niemakawa
    20th Feb 2017
    6:51pm
    John inmelb: Yes paying in full every month is best. I don't know about your bank, but most banks charge an annual fee around $100-150 for the privilege of using their credit cards. Maybe you are fortunate and your bank does not have such a fee.
    Old Geezer
    20th Feb 2017
    10:12pm
    Just ask your bank to waive the annual fee or you won't use their credit card. That's what I did.
    dweezy2176
    20th Feb 2017
    10:48am
    "Prez Trumble of Austria" desperately needs a win so like "Oor Wullz" and his "infected blankets & poisoned wells" will, happily, grasp at anything .. Truth isn't important in politics, headline grabbers are!
    Credit cards are a luxury not a necessity so what the banks charge is whatever they feel like .. not happy? Cut the cards up!
    jamesmn
    20th Feb 2017
    10:52am
    he is taking credit for something that he did nothing to drop the anz credit card rates its only the banks are starting to run scared because turnball has not got the numbers anymore and has to do what he is told he has shares in the banks so it benefits him if credit card rates are high as a share holder he benefits the clown is a born liar never to be trusted he was the one that stuffed up the nbm internet it was his portfolio look at the mess that is in now???.
    TREBOR
    20th Feb 2017
    1:56pm
    I'm waiting for the poster who come in and says he'd prefer a merchant banker as PM......... dreamer.... merchant bankers use OPM (other people's money) to garner a profit for themselves and their shareholders, and the 'bankers' themselves reap a nice little windfall with every 'sale'. Government is not a business or a for-profit organisation - why would anyone want a banker at the helm?
    MICK
    20th Feb 2017
    6:50pm
    Turnbull is a part of the club. What you get will be government for the club. Why is anybody surprised?
    LiveItUp
    21st Feb 2017
    7:18am
    What is wrong with using OPM Trebor? Why can't one borrow at 3% and make 10%? No brainer to me and sure beats trading time for money.
    TREBOR
    21st Feb 2017
    12:56pm
    It's called exploitation, Bonny - but apart from that it hardly gives adequate criteria or experience to be a politician. You cannot simply go on forever borrowing money at 3% by the billions to fund your ideas and the demands of your paid-in-advance-by-donation clients/shareholders, and then expect the money to be dredged up from somewhere else.

    Look at the national government debt and borrowings - through the roof - and the only way to repay that escalating debt is to rob the people again.

    I repeat - government is not a business and needs to rein in its spending on the non-essentials (in which are not included social security), and cannot, like some merchant bank, continually borrow to lend at a higher rate.

    What amazes me is how many years ago now, one of the greatest robber barons of Oz, Nick Greiner, came out with the magical idea that government should be run like a business - then he started selling off all the machinery and equipment into privatisation, leaving GovCo with nothing to operate with. Not one 'side' of politics has altered that fiasco from that day, but each has contributed to it to the ruin of the government economy.
    TREBOR
    21st Feb 2017
    12:56pm
    It's called exploitation, Bonny - but apart from that it hardly gives adequate criteria or experience to be a politician. You cannot simply go on forever borrowing money at 3% by the billions to fund your ideas and the demands of your paid-in-advance-by-donation clients/shareholders, and then expect the money to be dredged up from somewhere else.

    Look at the national government debt and borrowings - through the roof - and the only way to repay that escalating debt is to rob the people again.

    I repeat - government is not a business and needs to rein in its spending on the non-essentials (in which are not included social security), and cannot, like some merchant bank, continually borrow to lend at a higher rate.

    What amazes me is how many years ago now, one of the greatest robber barons of Oz, Nick Greiner, came out with the magical idea that government should be run like a business - then he started selling off all the machinery and equipment into privatisation, leaving GovCo with nothing to operate with. Not one 'side' of politics has altered that fiasco from that day, but each has contributed to it to the ruin of the government economy.
    TREBOR
    21st Feb 2017
    12:56pm
    NBN dropout.... Sunova Bich....
    Old Geezer
    21st Feb 2017
    3:29pm
    Trebor the government is incorporated as a business therefore it must be a business.
    Old Geezer
    21st Feb 2017
    3:40pm
    Trebor if you buy a house and get a loan you are using OPM. So most people by your reasoning are involved in exploitation?
    TREBOR
    21st Feb 2017
    8:54pm
    OH? Since when is government incorporated as a business? Show me.... and if that were so, why then did Greiner feel the need to even raise the issue?

    Where are the papers saying "Commonwealth of Australia Ltd" or whatever?
    TREBOR
    21st Feb 2017
    8:57pm
    Perhaps, OG - when you look at it, and realise that borrowing from a bank which does NOT have the money to support your mortgage, and then paying it back at compound interest, YOU are the one being exploited.

    You missed the point that Bonny raised - the banks do NOT have cash to support their lendings, and thus a mortagee is not using 'other people's money'.

    Now you may extend your argument to the concept that 'merchant bankers' also borrow money that does not exist and are thus not using OPM - but I'll bet the shareholders beg to differ.

    Another clear reason all banking needs to be thoroughly reviewed.
    Old Geezer
    22nd Feb 2017
    11:42am
    Trebor Australia has to be incorporated or it quite simply cannot do business with the US among other things.
    TREBOR
    22nd Feb 2017
    9:12pm
    Teach him can I not - government is a serviced to the people, not a business which should reward its board members etc. Nations trade - that doesn't mean they are incorporated entities - the trade carried on by Oz with Uncle Sam is by companies, corporations and individuals within Australia - not by Australia Inc.

    Government is and should be reverted to just an aside in the whole thing - not an active contributor - same as propping up business with concessions etc... business can pay its own way.
    Old Geezer
    20th Feb 2017
    10:56am
    I think credit cards are awesome and I frankly don't care what the interest is as I never pay it any way. Yes I use credit cards for nearly all my purchases and have the lot automatically paid off each month. I love the convenience of them and all the benefits I get as a bonus. They cost me nothing as part of the deal with the bank was no annual fee.

    People who use them and pay interest are quite simply living beyond their means. They are not for emergencies as emergencies happen 2 to 3 times a week for some people. You save for emergencies like they used to save for a rainy day. Then those emergencies just become minor inconveniences.
    Rae
    20th Feb 2017
    11:15am
    I agree with you on this one OG. Paying any bank 20% interest is very very bad indeed.

    I had a line of credit during those very bad days of 23% interest and had to sell a house for 70% of its value. Now I never do debt unless I've got the money to pay out the loan.

    I too use a credit card and have it paid off automatically. If you can't pay off debt at near 20% you can lose big time.
    dougie
    20th Feb 2017
    11:17am
    Old Geezer, with you all the way. Use their money pay on the day due and keep your funds fluid.
    I have had a credit card since first issued and still maintain with same bank, no fees etc and never paid a cent in interest. The bank hates me but can do nought about it.

    Use the card and do not let the card use you. That means that you use the bank to your advantage.

    Dougie
    dougie
    20th Feb 2017
    11:20am
    Old Geezer,
    Another use for Credit Cards is Travel insurance, my bank up to age 75 allowed me free Insurance as long as I paid a percentage of my trip an credit card. No problem charge it then pay it.
    Dougie
    Lippy
    20th Feb 2017
    11:21am
    Nice to live Malcolm's life. Their are people out there who the banks pray on and saying credit cards are awesome hope you get bitten one day and don't come crying for sympathy. Did you ever work out how much you need to spend to get any freebies from your loyal bank, work it out. If people like you have so much money, why waste your time here, you should be enjoying it instead of rubbing your wealth in our faces ( like Malcolm T ). If the stock markets start loosing value this must be horrible for you, no lobster tonight but mud crabs as they are a bit cheaper.
    Old Geezer
    20th Feb 2017
    11:23am
    Yes I remember those days but luckily I had money to invest and was earning about 17% in interest and rolling term deposits over monthly.
    Old Geezer
    20th Feb 2017
    11:44am
    Yes I too have travel insurance with my credit card Dougie but one has to be careful what it covers. If you go on a domestic cruise you are not covered and also very little cover if you travel domestically. So if you pay $2000 for a hotel and can't go you may not be covered. I pay about $300 a year for an annual policy that coves me domestically as well as internationally and also covers the things the bank policy doesn't. I save more alone by taking out this policy by not paying the high daily insurance that rental car companies charge.
    MICK
    20th Feb 2017
    6:53pm
    Whilst I agree with you Geezer the issue is that stupid people or those who are destitute need some protection from themselves and/or their circumstances. You are translating your well being to 'no problem'. Whilst I agree with your use of cards I understand the other side of the ledger. This is where you have no empathy and that is a true dog eat dog mentality. I sort of feel sorry that you are of that uncaring mindset.
    The banks do need a desperate overhaul.....and that comes from somebody who holds some bank shares and enjoys the dividends from them.
    Old Geezer
    20th Feb 2017
    10:19pm
    Mick the banks do not need any overhaul. It is up to the people who use them to get what they want not what he banks offer them. Lots of people do just that for example property investors. I know of OAPs who do the rounds of banks when their term deposits come due. Do you just pay your insurance invitations to renew? I certainly don't without knowing what else is on offer. So why treat your banking any different? I certainly don't.

    I has nothing to do with having an uncaring mindset but one that has no time for those who are too lazy to help themselves and then whinge like their is no tomorrow. Remember good things come to those who help themselves.
    MICK
    20th Feb 2017
    10:56pm
    Sounds like a line from your sponsor OG.
    Protecting the feeble and inept is a part of a caring society rather than saying 'tough luck' when the inevitable happens. There are many other ways bad budgeters pay the piper without grinding them into the dust.
    LiveItUp
    21st Feb 2017
    7:23am
    Stupidity is not tough luck Mick. There is no excuse for bad budgeting either. If you plan for tough luck then it becomes a minor inconvenience. Nothing complicated about that.
    dougie
    21st Feb 2017
    7:49am
    Mick,
    If the banks are forced to withdraw from this market we will again see the immediate resumption of lending by some of those large American firms. Sure they lend whatever you want at a rate that you can't jump over. Remember the 70s and 80s when these firms were prolific. Many people got caught by the short and curley.
    Maybe the banks are bad but compared to some of those operators they are angels.
    Anonymous
    21st Feb 2017
    9:46am
    Couldn't help noticing OG's claims of being able to borrow $1 million and having money to invest at 17% when others were struggling to hang on to their homes after interest rates skyrocketed. And this from someone who claims to have been ''disadvantaged'' and to be ''self-made'' and arrogantly tells others ''anyone can save''. Oh, I also noted he's an accountant and university educated.

    I really wish these people who have NO IDEA AT ALL what ''disadvantaged'' even means would stop making arrogant and unrealistic comments and start showing some empathy and respect.

    As it happens, I agree that it's silly to use credit cards for credit, and they are a huge benefit if you pay the full balance by the due date. When I couldn't do that, I cut the cards up and binned them. Temptation gone! But I was fortunate that despite horrendous ongoing disadvantage - minimum wage, ill-heath, special needs child costing the earth, no family support, facing one crisis after another - I had been taught early in life how to survive and how to budget. My partner had never learned, and we only pulled ourselves out of disadvantage because I took control. I've seen first hand how hard it is without education and guidance, and with a psychological disadvantage that makes you afraid of money and convinced you are undeserving of prosperity.

    Maybe the arrogant people who look down on the so-called ''inept'' should study psychology and get an understanding of what certain kinds of childhood deprivation and abuse do to the psyche, and how that impacts on capacity in later life?

    I agree with Mick, that protecting the feeble and inept is part of a caring society. Australia used to be a caring society - and proud of it. Now, it's a society of selfish, greedy, self-serving, arrogant egomaniacs who look down on and condemn the less fortunate, gloat about their claimed superiority, and continue to rort and steal at every turn to boost their ill-gotten gains (while lying about being ''self-funded retirees'', when they are actually funded by the battlers they trample on with exploitative wages and every manner of tax rort, ''concession'', ''rebate'', grey-area claim, and manipulation to take more than their fair dues)

    It's not the banks that are the problem in this society. It's the arrogant, self-serving, greedy privileged who have no empathy and no respect for others - not even basic human decency. It's just too easy to throw blame and decide someone deserves hardship, or claim that it's your superiority that positions you in a better place (rather than the good fortune you deny).

    Goodness, the problem starts with ''Mr Habourside Mansion'' claiming early ''disadvantage'' (despite inheriting millions and going to the best private school in the nation!!!) and claiming to be ''self-made''. What hope does society have when someone with that incapacity to understand reality gets to be leader of the nation?
    Old Geezer
    21st Feb 2017
    11:15am
    Rainey I am talking different time frames in my life. Sometimes I have lots of cash and sometimes I borrow lots of money. When interests were 17% I had quite a bit of cash. When interest rates are low I used to borrow money and use OPM to make more money. I certainly wouldn't borrow a million dollars at 17%.

    However today even though interest rates are low I don't have any borrowings simply because I don't need to make that sort of money any more.
    Anonymous
    21st Feb 2017
    3:55pm
    And my point is that you are PRIVILEGED, OG. University education. Had cash when interest rates were 17%. PRIVILEGED.

    Lots of us have not had those benefits to enjoy. I didn't ask to be denied education. Neither did I ask to be unemployed, sick, with a disabled child and a mortgage when interest rates climbed to 17.5%. And I've NEVER been in a position to borrow $1 million - at ANY interest rate.

    YOU ARE PRIVILEGED, and your comments are motivated by arrogance and ignorance of what life is like for others.
    Old Geezer
    21st Feb 2017
    5:54pm
    Rainey I was bought up in a very poor family and knew the only way out was to work hard so that I got a scholarship to uni. It was very difficult trying to study by candle light at times so I usually got up very early and took my books down to the barn and studied in the early morning light. I then had a 2 hour trip to school and a 2 hour trip home from school. If I was lucky I got fed if not then drank a few glasses of water. In the morning I would milk the cow and have warm milk for breakfast. That was the only meal I got some days. So I had to find another way for a better life. Even on a pittance I managed to save money while at uni. It is amazing how little one can live on. I used to house sit people's houses while they went on holidays most of the year. If necessary one of us would find a room in a boarding house and 6 of us would share a room until we got kicked out. Lost count of how many windows I climbed through after dark in those days. We used to go around eating places and been given leftovers for food.

    Yes I am privileged in that I was able to turn my situation around. Yes I learnt to survive at a very early age. I remember catching rabbits and cooking them over an open fire on the way home from school knowing that if I took them home they would be sold and I would get nothing. I used to peg out the rabbit skins so my father could sell them. I used to also catch fish and cook them over a fire too. I would tie them up if I caught too many and have them over the next few days.

    When I finally got a full time job I thought all my Christmases had come at once.
    TREBOR
    21st Feb 2017
    8:59pm
    Why would the banks be forced to withdraw from the market, dougie, simply by being made to properly pay their way? They had no problem under the old regulated regime - why would it be so hard for them now to ensure they pay what is right?

    Your argume3nt is like saying that mining would cease in this country if the mining moguls from Offshore were taxed... no, they wouldn't - they'd pay up and take their profits like a man....
    TREBOR
    21st Feb 2017
    9:02pm
    Young Geezer makes up a lot of stories - they change every time he comes on, and occasionally he gets confused over what he's claimed in the past. Every day with O(Y)G is a revelation, and he has yet to work out how he lets his story out bit by bit.... I'm happy to play the waiting game and occasionally do a little recon by fire.....
    Old Geezer
    22nd Feb 2017
    11:43am
    OG does not make up stories nor is he confused. Others I can't vouch for.
    Spitfire
    25th Feb 2017
    10:08am
    I totally agree with your comments OG.
    The problem starts with access to a credit card being to easy for those who cannot afford to have one, it's a great pity the banks do not have any means testing before issuing one of these to an individual.
    I shudder every time I hear the younger generation talking about having a credit card maxed out with no means of clearing the debt.
    Some with a number of credit cards all maxed out.
    The banks have a lot to answer for in the irresponsible way they let those who cannot service the loan have access to funds.
    The credit card problem will escalate to home loans when the interest rates commence to rise as they surely must do.
    dougie
    20th Feb 2017
    11:08am
    Again we see the loud disclaim of any result by the Government. You do not really think that the Big Banks would do anything without the Government intervention. Stand by to see the others follow and further announcement regarding change. You will see the amount of deposit required for an investment property escalate and make it easier for home buyers to enter the market. There will also be other changes to come. Why you say? Because the banks do not want the hassle or expense of a full Royal Commission with the massive costs and time taken to ensure that no changes are made.
    As I continually say I am attached to no political party and thus I feel that I can recognise the good and bad things done by either side. This is good!
    Old Geezer
    20th Feb 2017
    11:34am
    Interest rates appear to be more expensive for investors but in reality that is not so. Banks give investors a margin to take off their interest. Say my margin is 1% so if the interest rate for investors is 5% then I only pay 4% interest.

    Amount of deposit is another one to take with a grain of salt. What investors do is get the bank to revalued their other properties and the increase in valuation will more than pay the deposit for another property.

    Remember things are not always what they seem.
    Adrianus
    20th Feb 2017
    11:38am
    dougie, I concur. If Bill Shorten had a little more nouse and could stop bashing banks for a moment and work with them to bring about this sort of change, then we would see high fives and backslapping on this forum.
    MICK
    20th Feb 2017
    6:58pm
    Good post dougie.
    Your normal anti Shorten post Frank. The reality is that Turnbull is the protector of the banks and talks a whole pile of feel good BS whilst Shorten intends to put an end to the abuse of voters. You will recall that the Gillard government left office with legislation recently passed legislation to make banks more accountable. When Abbott arrived he repealed that legislation. That says it all and Turnbull's BS is business as usual with a useless show once a year to fool the mentally challenged amongst us.
    TREBOR
    21st Feb 2017
    9:03pm
    Agreed, dougie... but the banks won't close shop if they are made to pay super properly.
    BillF2
    20th Feb 2017
    11:21am
    No bank voluntarily loses money, so what is lost in one area will be re-couped in another. Another case of political window dressing, and self-deception. Plus ca change, plus c'est la meme chose.
    MICK
    20th Feb 2017
    7:02pm
    Nothing to do with losing money. Everything to do with targeting the vulnerable and mercilessly trying to destitute them. Consumers need a fair go as this is the Australian way, not ruthless attacks.
    marls
    20th Feb 2017
    11:30am
    What a load of bs only the wealthy or well off is given this credit card and they pay it off in full monthly this does nothing for the average person living day to day this bs was raised on the radio this morning
    Old Geezer
    20th Feb 2017
    3:16pm
    If everyone used their credit cards like me then they would have disappeared years ago.
    MICK
    20th Feb 2017
    7:04pm
    That is not what I recall. Credits cards were sent out in the mail and freely available to everyone in the past.
    niemakawa
    20th Feb 2017
    7:05pm
    OG the banks charge businesses when a credit card is used . Most retailers "absorb" that cost but some will charge a fee if you use a credit card. Some utilities do that. Remember most banks charge an annual fee on credit cards, which is automatically debited to the customer's account.and also
    Old Geezer
    20th Feb 2017
    10:22pm
    Why do most banks charge an annual fee? Simply because people are too lazy to ask them not to. I have about 5 or 6 credit cards and none have an annual fee. Some have high interest rates and lots of benefits. Other have a low interest rate and no benefits. Each one has a different use for me.
    Not Senile Yet!
    20th Feb 2017
    11:31am
    They could cut the Interest rate on credit cards in half.....but they won't...why?
    Because no one can make them...LNP DE -Regulated Banks! They cannot make them do anything anymore!
    Old Geezer
    20th Feb 2017
    11:36am
    Credit cards with interest rates half what the big banks charge are readily available so If you want one with a lower interest rate got one of those. I like the ones with all the bells and whistles as the interest rate doesn't matter to me.
    fordyoot
    20th Feb 2017
    12:22pm
    Dead men walking. Turnbull is dead he was a sham from day1. He is a barrister and these folks spend their lives going to court and making up lies to defend their dodgy clients. You cannot believe anything a barrister says because the "truth" is what he thinks it is.
    Abbott is and was a buffoon this man is something else again.
    MICK
    20th Feb 2017
    7:05pm
    He has shown himself to be a gutless, immoral man from day one from where I stand.
    jen
    20th Feb 2017
    12:23pm
    About credit cards - people should understand that the bank has to have funds on standby to cover the total amount of credit limits that are available in the market place relevant to their brand of course. This is to cover any drawdowns that many occur on any given time/day so a bank has to ensure that monies are available and this of course costs the banks when the funds are sourced. Imagine having to hold millions of dollars just in case everyone draws down to the maximum at any time - these costs are huge! Also given the low rates on mortgages at present the credit card portfolio allows the bank to make some profit by using credit card rates to support the low mortgage rates. Yes the rates could be lower but if the banks are not viable, i.e. profitable then how could they employ thousands of people and support certain parts of the community. People choose their own lifestyle and the banks are not responsible for the community and their spending habits. It is always easy to blame someone else rather than look to your own habits. Perhaps more empathy is needed but that is unlikely to happen given the fact that it is easier to criticize than fix your own problem. It is always someone else's fault.
    Wstaton
    20th Feb 2017
    12:28pm
    Well I guess all those young people who are slowly starting to not be able to afford to buy their own home home have now to start subsidizing existing home owners with mortgages.

    Just because they have a credit card!
    KSS
    20th Feb 2017
    12:42pm
    Wstaton there is no issue with having a credit card but in order for it work for you and not against you, it has to be paid off each month. If someone can't do that then they are living beyond their means and can't afford the lifestyle they have. And before all those with sob-stories take me to task; I have had two bouts of sudden loss of employment both of which lasted more than 12 months before I got another job. In both cases I paid off the credit card with my last paycheck then did not use it again until I had a job. And I did not have a partner or family to support me in the meantime either.

    That's just what you do. You don't blame anyone else for your financial decisions - and this includes the banks.
    LiveItUp
    21st Feb 2017
    7:32am
    Banks don't have enough cash to cover what is in all the accounts they hold and they only have enough funds to cover what they expect people to withdraw even on credit cards. Surplus cash is invested overnight and any deficit is borrowed. This stopped happening during the GFC and was what did the most damage. Lack of trust nothing more. Banks wouldn't lend to others overnight becuase they didn't know that thier money was safe.

    I doubt any bank would have enough funds anywhere to cover the amount the credit limits on their credit cards just like they don't have enough to cover all their loans.
    Rae
    21st Feb 2017
    8:10am
    Bonny the most damage in the GFC happened when the 99% stopped spending. They just stopped spending altogether. I was there and saw it. Imagine whole Westfield Centres empty day after day.

    Some businesses held on a month or so but then had to let their staff go.

    Now the LNP might hold the ordinary Joe and Jane in complete contempt and I'm sure they do. Not lifters see.

    If that mob get skittish due to all this nonsense and stop consuming, like they did in 2008/9 it can really stuff up business including the banks. Very, very quickly.
    floss
    20th Feb 2017
    12:32pm
    Mr.Tumbull you are in La La Land you fool no one . Our turn is not far away , next election. We all know you rule for the Big End of Town not for the average Australian.You have kicked older Australians in the guts and have given our kids jobs away over seas you blundering fool.
    Golfer
    20th Feb 2017
    12:44pm
    And then there's the poor fellow who gets pinged every week speeding. He bleats about "the cops revenue raising"; being the victim, how much he gets fined and how he can't afford paying $90+ every time he exceeds the speed limit. When instead he should be a responsible driver and keep under the limit. Can you see some analogy here?
    Old Geezer
    20th Feb 2017
    12:51pm
    The easiest way to stay under the speed limit is use cruise control especially good in those 80 zones.
    TREBOR
    20th Feb 2017
    2:00pm
    I use cruise control down to 50 - doesn't work under that..... great way to drive. Sit on the freeway at the limit and watch the people go past - we old buggars who are sooooo slow at the proper limit and get in the way also know where the cops hide around here.... wonder how many would go if the Guv introduces those average speed cameras for all vehicles?
    Old Geezer
    20th Feb 2017
    2:18pm
    Trebor do you realise that most cars are only actually doing 96 when their speedo reads 100. Truckies are always complaining about it.
    MICK
    20th Feb 2017
    7:16pm
    The point has been missed that some people HAVE NO CHOICE because they are either income poor with costs rising too quickly. It is fine for those of us who are fantastic budgeters or those of us blessed with good incomes to malign those who do not enjoy these gifts but the reality is that banks should not be cannibalising the destitute. They do. And they are merciless on some. Ask farmers!
    niemakawa
    20th Feb 2017
    7:22pm
    Mick that is true in some cases. But many of those with "no choice" are reckless spenders and their wallets stuffed with a multitude of credit cards.
    TREBOR
    20th Feb 2017
    8:13pm
    I've noticed truckies do around 105 to my 100.... I usually sit at 110 or 112 in the 110...never been stopped yet.
    Old Geezer
    20th Feb 2017
    10:39pm
    I set my speed alarm at 100 but it doesn't sound the alarm until 105. I just set my cruise control at the speed limit or the speed of the cars in front of me. My car itself works out how fast the car in front of me is going and on cruise control will not go any faster than them.

    Why should banks control reckless spenders? They can't stand over your and tell you not to buy those new shoes any more than I can. People just have to take responsibility for their own actions as no one else can.
    Rosret
    20th Feb 2017
    12:51pm
    Anyone who is prepared to pay 21% p.a. interest is not watching their pennies and probably have no idea what the government is trying to do on their behalf.
    I am told people just max out the bankcard and continue to pay back the minimum each money forever. A strange way to budget.
    MICK
    20th Feb 2017
    7:17pm
    Some people have no choice when their money is gone and they need to eat Rosret.
    Old Geezer
    20th Feb 2017
    10:25pm
    That's just poor budgeting Mick and the worse thing they can do is use a credit card in those circumstances.
    MICK
    20th Feb 2017
    10:52pm
    Whilst you may be spot on in many cases OG society does need to protect those who are hopeless from themselves. That may seem like social engineering but it makes for a happier, cohesive society than creating extreme poverty and suffering and then wondering why anti social behaviour and crime occur.
    LiveItUp
    21st Feb 2017
    7:36am
    So Mick one should ask people at tbe checkout if they can afford their iitems and make them prove they can? That's tbey only way you can protect these hopeless people. I can hear the out cry from my country estate.
    Baby Huey
    20th Feb 2017
    12:56pm
    Turnbullcrap is at it again. The gutless bastard will not call a Royal Commission into the government sponsored bank criminal organisations for fear of some his mates having to be made answerable in public but thinks a few scraps will.
    Along with promoting coal as clean energy spending our money to pollute he is finished.
    Golfer
    20th Feb 2017
    1:04pm
    Sometimes I love the mindless rants by some readers on this site. Sometimes I also find them offensive, Baby Huey.
    jackyd
    20th Feb 2017
    1:31pm
    You chipped in for a fine eagle.
    Great play!
    TREBOR
    20th Feb 2017
    2:02pm
    Oh, I don't know - I reckon Baby Huey has a point or two.... wait until he putts this one... and be careful of the rough on the next hole....it's a killer...
    jackyd
    20th Feb 2017
    2:20pm
    Oh TREBOR, you should take a penalty or just walk straight to the nineteenth and we will join your there later.
    TREBOR
    20th Feb 2017
    8:13pm
    I'll have the drinks waiting...
    jackyd
    20th Feb 2017
    1:09pm
    Just a Malcolm smokescreen to the upcoming budget and previous attacks on pensioners.
    Any Prime Minister who wakes up in the morning and calls a royal commission on the strength of a very dodgy four corners program but sees fit that the public concerns of the conduct of financial institutions including the insurance industry are not worthy, is out of touch with reality and public expectations.
    TREBOR
    20th Feb 2017
    1:44pm
    Well, the only thing that will keep the PONZI scheme called serial house ownership negatively geared (SHONG) is the continuing access to low interest money, yet at the same time it seems that Australians as a group are fundamentally incapable of raising capital to go ahead with any investment in resources or industry which would ensure the economic activity, taxes, and profits remain ONshore for a change.

    How any government or representative thereof can take responsibility, in this failing economy, for anything at all, is beyond me. I wouldn't have the balls to stand up and say such a nonsense as 'we created 50,00 jobs' or 'we lowered bank interest'.... to the people out here who are doing it tougher by the day.
    TREBOR
    20th Feb 2017
    1:57pm
    As for credit cards, I don't have one or need it, but I can see that some would see it as an easy way out. Better way is to control you spending and not over-commit.
    Old Geezer
    20th Feb 2017
    2:29pm
    Credit cards are awesome but not used as the banks like them to be used.
    Aussiefrog
    20th Feb 2017
    1:57pm
    What a Wayne Kerr he is!
    Old Geezer
    20th Feb 2017
    3:19pm
    Yes agree anyone stupid enough to borrow at 19% plus is a Wayne Kerr.
    Gra
    20th Feb 2017
    2:45pm
    A rat will clutch at anything when it is drowning.
    crazypete
    20th Feb 2017
    2:46pm
    It seems like he will take credit for anything that he does not do, so if he is so good why doesn't he and his so call members start cutting their wages as they do not deserve it or better still let other ones in and I do not mean ALP
    MICK
    20th Feb 2017
    7:23pm
    There's only 2 sides to the man: one taking credit for zip and the other attacking Bill Shorten for everything that goes wrong.

    20th Feb 2017
    2:58pm
    If he said this, he lied. The banks are under some public pressure with letters to editors, articles condemning banks for their obscene profits and the call for a Royal Commission gaining momentum. Joe Public and the media can collectively take credit for this, not a self serving politician.
    Old Geezer
    20th Feb 2017
    3:12pm
    I'm loving the banks making big profits as it's about time us shareholders made some money out of them.
    Anonymous
    20th Feb 2017
    3:43pm
    That's a very selfish attitude Old Geezer. Personally, I now use a Building Society so I have no dramas with the banks but I feel for the millions who are paying exorbitant fees and interest just so a few shareholders can gloat.
    Old Geezer
    20th Feb 2017
    4:03pm
    I used a building society once but never again after all the trouble I had with them. People don't have to pay big fees and interest but if they do then they have no one but themselves to blame as they took out the debt. No one held a gun to their head.
    MICK
    20th Feb 2017
    7:27pm
    And their CEOs and Boards Geezer....so let's destitute as many Australians as possible to shake out the loot..... Your continued lack of any empathy for those other than yourself again exposed Geezer.
    Old Geezer
    20th Feb 2017
    10:10pm
    That's a good point Mick anyone can be in my position. It is not rocket science.
    MICK
    21st Feb 2017
    1:01am
    I'd probably be as well of as you Geezer but unlike you I believe that society should protect the weak and the stupid up to a point. That is what caring cohesive societies do.
    Anonymous
    21st Feb 2017
    9:54am
    ''anyone can be in my position. It is not rocket science''

    That, OG, just shows that you are like Turnbull - completely devoid of any capacity to understand the real world and so egomaniacal that you actually believe your own narcissistic lies. So sad that so many have fallen to such low levels of ethics and integrity and have such complete incapacity to feel empathy.
    Old Geezer
    21st Feb 2017
    11:07am
    No Rainey I can hold my head high as I have helped many people achieve their aims in life. I do understand the real world and I know people need to re-educated before they can succeed in life. There is nothing wrong with my ethics or integrity and my mindset will not allow you or anyone else Rainey to bring me down. I have empathy for those who deserve it but not for those who don't.

    Just because you have a narrow mind you can't bring yourself to believe what I say is true. Well that's your loss not mine.
    Anonymous
    21st Feb 2017
    3:50pm
    Well, the picture you paint here with your nasty remarks and arrogance is of a very vile, self-serving, greedy, nasty individual with no human decency at all and no capacity to respect others. Sorry, OG, but that's how YOU are presenting yourself.

    I don't have a narrow mind at all. do have empathy and respect for those who suffer hardship. And unlike you, I KNOW what real disadvantage is.

    Yes, people DO need to be re-educated before they can succeed in life. And the problem with that is that the re-education they need IS NOT AVAILABLE to them in many circumstances. Sure, there's a plethora of opportunity - at high cost usually. But there's NOTHING to help the disadvantaged RELIABLY identify the particular re-education opportunity that will solve their problems.

    There's EVERYTHING wrong with your ethics and integrity when you can't respect other people's rights and opinions and concede that maybe YOU DON'T KNOW AS MUCH AS YOU THINK YOU DO. You could actually LEARN A LOT by being a lot less arrogant and asking questions instead of making wild stupid assumptions that have no basis.
    Wstaton
    21st Feb 2017
    4:41pm
    Well Rainey people like OG believe that all the people who are suffering famine in Sudan is all their fault.

    They should have emigrated to Australia. (Hic)
    nena
    20th Feb 2017
    3:39pm
    How silly!!! Banks will take that (lost?) from other forms of charges, of low interest on saving investments, or from one of many other ways. Banks will not stop making big profits...and MT knows it. He is a business man and think we are all idiots but I´m not...Hopefully people start to think critically and not just take the words of a politician.
    Old Geezer
    20th Feb 2017
    4:05pm
    So why not invest in the banks and share the profits.
    TREBOR
    20th Feb 2017
    8:15pm
    Or putting fees on low deposit accounts, as they've done in the past and do now.

    OG - most people can't buy shares... don't be silly.
    LiveItUp
    21st Feb 2017
    7:41am
    Trebor most people buy houses and shares are so much easier to buy than houses so why can't they buy shares? It takes weeks to buy a house and seconds to buy shares. It a real pain buying and selling houses compared to shares.
    Anonymous
    21st Feb 2017
    10:08am
    Because people understand houses and trust the real estate market, Bonny. My partner quotes poverty-stricken parents constantly saying ''they don't make anymore land, so the value has to always rise''. Battlers who have not benefited from financial education don't understand shares, and history tells us investing in shares is risky. You have to pick the right ones or you lose your shirt. Strugglers don't know HOW to pick the right ones.

    The reason our society is in such a mess is because the arrogant, self-opinionated privileged are far too busy chest-beating and gloating to even try to understand the challenges the disadvantaged face, let alone try to find constructive ways to improve things for SOCIETY. Today, it's ME ME ME ME ME. I'm wonderful. I'm better. You DESERVE to suffer. GIVE ME MORE MORE MORE. Ultimately, as yours and OG's posts demonstrate graphically, and as Turnbull shows with his lies about being ''self-made'', the morally bereft privileged lose the capacity to even understand the basic concept of what privileged means, and that not everyone enjoys opportunity or even mental capacity to do what the privileged are fortunate to be able to do.
    Old Geezer
    21st Feb 2017
    11:00am
    Well Rainey looks like others besides me are getting good returns too. I for one are very happy with my lot and help out a lot of other people. In fact I'm off to see a man this afternoon who has had a personal crisis in his life and see how I can help.

    If you buy the wrong house you can lose too Rainey and it's a far bigger loss than your shirt. Just to recover the costs involved in buying and selling you need a decent gain. Most people don't make money out of houses at all. Besides you can't sell off one bedroom at a time like you can a holding of shares. As the costs of buying and selling are so low you don't have to make a big return to make money like houses. Besides houses have tenants and agents which make them very unpalatable to me these days.
    TREBOR
    21st Feb 2017
    12:45pm
    Bonny - you're dreaming - most people cannot afford a house and shares. To buy shares you require a minimum of $1000k which will not buy you a retirement portfolio, and most people nowadays are paying up to 50% of their income on home ownership or rent.

    The more you write the more I doubt you live in Australia.
    TREBOR
    21st Feb 2017
    2:49pm
    We could always go for a Wall Street Crash and have people borrowing on spec to buy shares, and using that collateral to borrow more.. like serial house ownership, it's a disaster waiting to happen in many ways. When the crash comes, it will be the small investors who are hurt most - the big guys hide in companies and such and suffer little to no loss after emptying the till.
    Old Geezer
    21st Feb 2017
    4:08pm
    Trebor people are already speculating in spec shares and making quite a bit of dough. When it gets too hot the big boys get out and just watch the action.
    TREBOR
    21st Feb 2017
    9:12pm
    There, clearly, is one of the reasons many do not get into the stock market - apart from that, imagine if everyone bought shares - the price would fall like the income for a coffee shop when there was one on every corner, since the 'big boys' would only need to sell more shares and not sustain those already in circulation to get their 'cash flow' into the business and thus their remuneration and bonus.

    Inflation of shares. I'm not sure, but I think that had a lot to do with the Wall Street Crash as well... the Great Depression was brought about not by the inability to produce, but the inability to transfer goods. Which leads us back to cutting social security - if small business cannot transfer goods at an adequate rate due to lack of custom - depression follows... sustaining a national economy on a flimsy and minute resource banana republic sector will never work.

    Some here and elsewhere have stated that the aim of big government and its running dogs big business (might be the other way around) is to trash the middle class and the lower class..... that's what is behind Bill Shorten's talk of 'class war' - not just against the workers, but against the middle class, leaving no man standing but the big boys - who by then will have no market because genuine national prosperity comes from the middle classes and the working classes, who all pay tax, and thus push the steam through the engines of state....

    Work it out - I can't save you all and hold your hands while I'm doing it.
    TREBOR
    21st Feb 2017
    9:16pm
    Oh - for the next round (I'm off to watch a movie online) - you either provide work or you provide adequate social security to ensure economic activity - you can't both shop work out at the roots and then chop social security out at the roots at the same time....

    You 'top end of town' mates aren't going to buy your roofing iron and your imported microwaves in any great numbers - those who work for a living and receive social security are..... and the 'big boys' won't be building any shopping malls when nobody can afford to buy due to no work and inadequate social security as a backup.

    You getting there yet?
    TREBOR
    21st Feb 2017
    11:52pm
    Add to that - as long as 'investment' in resources is via Offshore organisations - their actual 'investment' in this country will be for their own profit, and they will bend every possible railroad track to get there. When an Offshore organisation raises (invisible) money to fund exploration and then actual development and operation of a project - they NEVER raise that 'money' HERE - and so the interest paid always goes to some foreign identity - often an associate of the 'investor'.

    They are NOT investing in Australia - they are investing in their own future profit - and thus the paradigm of 'being open for business' is a disaster on an international scale.

    Like my comments on medical students - are our OWN people so bad that they must be shoved aside so Asians can get to become second class doctors by paying full fee (and many of them are really not up to scratch)? Is that the yardstick by which we judge in this country? Not your ability - but how much you can pay? And are our own people so stupid and insipid that they can't raise funds to explore, develop and operate within their own country? ESPECIALLY when there is alleged to be some massive fund of superannuation - which would benefit mightily from investment in jobs and tax revenue for THIS nation - and not some anonymous 'investor' from anywhere else in the world, who will take as much as possible for as little as possible and pay Australia peanuts for doing so - and then charge max price for any finished products?

    You are wrong, OG - I am nearly always right.

    What a load of absolute codswallop!
    Old Geezer
    23rd Feb 2017
    4:19pm
    Yu certainly lost me with all that codswallop.
    Tarzan
    20th Feb 2017
    4:45pm
    How is this relevant to an over 60's site, just a A.B.C. style leftist article
    Anonymous
    20th Feb 2017
    4:53pm
    Whilst most of the articles here lean to the left Tarzan, I think this is a little different. If Turnbull did try to take credit for the banks dropping credit card rates, he was wrong. Any politician, regardless of party, should cop a serve for this type of claim.
    Old Geezer
    20th Feb 2017
    5:15pm
    Old Man I disagree good on him if he did manage to do this.
    MICK
    20th Feb 2017
    7:29pm
    "Leftist"? Are you kidding Tarzan or just a stooge?
    Being ripped off is survival for most average folk. Clearly you have wealth. are aligned with this government and care not.
    TREBOR
    20th Feb 2017
    8:16pm
    HOW did he manage to do it, OG? You are speaking empty words again.
    Old Geezer
    20th Feb 2017
    10:31pm
    It would not matter what any of the pollies did it would be wrong in the eyes of some people.
    TREBOR
    21st Feb 2017
    7:13am
    Now there you are 100% correct. We need a Royal Commission Into Politicians...........
    TREBOR
    21st Feb 2017
    9:21pm
    And into jurisprudence - was down the club watching the news with a police Crown Sergeant tonight, and some guy who stomped a cab driver got two years and three months non-parole - I said ten years for kicking a man in the head when he's lying helpless on the ground. This maniac nearly tore the driver's door off the cab and his girlfriend assaulted a passerby trying to stop the beating of the cab driver...... must be one of them ice addicts and friend.

    Plane crash in Malbun - bad scene - I thought a turbo-prop had enough power to get out on one engine.... supposed to....

    On the brighter side, had a little bat come into the house last night looking for insects - made 6-8 turns to get into my bedroom, and the found its way back outside in a few seconds .... amazing navigation system there. When they 'ping' they must memorise what they 'pinged' and then identify it in reverse - no way he could have found his way out without knowing his 'road signs'... amazing... simply amazing....
    disillusioned
    20th Feb 2017
    5:38pm
    What a load of Turnbull dust! Every bad thing he blames on Labor, and tries to take credit for every good thing that someone else does! I'm sure that if it's a fine day tomorrow, Mal would take credit for that also! He and his crew have failed miserably to make a go of good governance, despite blaming it all on a "rogue" senate, which the LNPs brought on themselves with their horror Budget in 2014! Get real, Mal!
    TREBOR
    21st Feb 2017
    11:57pm
    Don't forget - It's all Labor's fault..... it's been four years and Brandis could only reach for that old saw when trying desperately to defend the Centrelink 'overpayments' debacle.
    Andy
    20th Feb 2017
    5:59pm
    The only thing that Turnbull can truly claim is to be Australia/s biggest Political C--t.
    TREBOR
    21st Feb 2017
    7:16am
    What worries me about all those of that kind is that they don not even begin to actually see themselves as that... they think it's all good on the golden front in Australia, as long as the money keeps rolling in and they can stand up and wave pieces of coal around as if that has some valid meaning to a failing economy shamelessly and shamefully handed off to foreign and offshored interests so that Australians can buy things at inflated prices to suit their pockets and those of their cronies, mates, and 'class'.
    Rae
    21st Feb 2017
    2:05pm
    You should have heard McDonald rabbit on about The Gold Card and how terrible retrospective legislation was. Dumb bunny didn't even get that the Fair and Sustainable Pension changes were retrospective and he was in the Senate when that got through.
    TREBOR
    21st Feb 2017
    2:54pm
    Hang 'im..... what'll it be for you, Mr Joyce? Hanging or torture?

    Ummmm.. torture?

    Torture him anyway.. then hang him... Mr Brandis - YOUR choice? Torture or hanging.....??
    niemakawa
    20th Feb 2017
    6:25pm
    Well that is what one can expect from Mr Turnbull.
    MICK
    20th Feb 2017
    6:45pm
    Amazing! Ex banker and stoolie of big business claiming 'he' arranged anything for consurmers other than higher taxes. You are right Leon, the man is clutching at straws as even the mentally challenged have woken up to the fact that THEY are being skinned alive by the disciple of big business.
    I'll believe otherwise when the rich and their big business interests are forced to pay the going rate of tax, when this governments stops trying to lower the corporate tax rate and when sham tax shelters are declared illegal. None of these things will happen under Turnbull or his government. You can bet on that!
    niemakawa
    20th Feb 2017
    6:52pm
    Unlikely to happen under a Labor Government either.
    MICK
    20th Feb 2017
    7:30pm
    One for Bill SHorten to take to the next election. If he is making the banking noises he needs to run with the sentiment.
    Turvey
    20th Feb 2017
    6:56pm
    Takes the credit for what.
    I guess he doesn't have to concern himself with the minuscule interest banks allow for savings accounts with just how much interest they charge on credit accounts. Get real Turnbull, get yourself into the real world.
    This "news story" is so pathetic.
    Government, what government!
    niemakawa
    20th Feb 2017
    6:59pm
    Yes bank deposit rates are woeful. The Government (Turnbull) does not reduce the Centrelink deeming rates though.
    MICK
    20th Feb 2017
    7:31pm
    Thanks for injecting some perspective into this argument Turvey. You are on the money with that.
    LiveItUp
    21st Feb 2017
    7:10am
    Deeming rates are low to what a person can get today with their money invested well.
    TREBOR
    21st Feb 2017
    7:19am
    Only if you invest 400k and get 80k return - Mafia loan sharking dividends.....

    https://mozo.com.au/term-deposits?mz_source=sem__Search&gclid=CjwKEAiAxKrFBRDm25f60OegtwwSJABgEC-Z_mX56P_oP3JDP33CZBGi_8UwsnX9IZgHByjuKutvFBoCEAPw_wcB

    Now - where were we? We need a Royal Commission into the banking and finance industry.. all at once.
    TREBOR
    21st Feb 2017
    7:21am
    https://www.humanservices.gov.au/customer/enablers/deeming#a2

    "
    if you're single and receive an income support payment, the first $49,200 of your financial investments is deemed to earn income at 1.75% per annum and any amount over that is deemed to earn income at 3.25% per annum
    if you're a member of a couple and at least one of you receive a pension, the first $81,600 of your and your partner's combined financial investments are deemed to earn income at 1.75% per annum and any amount over that is deemed to earn income at 3.25% per annum, or
    if you're a member of a couple and neither of you receive a pension, the first $40,800 for each of your own and your share of jointly owned financial investments are deemed to earn income at 1.75% per annum and any amount over that is deemed to earn income at 3.25% per annum".

    So unless you have a relatively small amount, your deeming rate HERE in Australia will always be higher than a bank term deposit.

    Returns on investments are at an all time low, and that only leaves loan sharking.
    LiveItUp
    21st Feb 2017
    7:49am
    Term deposits are just parking places for short term spending they are not for investing. I personally have been investing small amounts of money and getting 20% plus return in weeks and some times days. I remember during the dot com boom invested $10,000 and sold half every time it doubled and made over $100,000. It is not quite that good now but it pays for the groceries.
    Anonymous
    21st Feb 2017
    10:00am
    And again, the chest-beating privileged claim superiority and show total contempt for the educationally and psychologically deprived (who make up the majority) who could NEVER even contemplate getting better than 5% return and whose fear of risk and increased hardship sends them flocking to banks to stash their meagre savings in term deposits that return nothing - but at least FEEL moderately safe.

    Bonny, if you stopped bragging and started telling people HOW you achieve these outcomes, maybe you would have some credibility. And NO THAT IS NOT ILLEGAL. You don't have to give financial advice. Simply disclose where you get those returns, with a caution that people must consider their personal circumstances and seek professional advice before making any investment.

    As it stands, you present as a very nasty, selfish, self-serving egomaniac who has nothing but contempt for those less fortunate than you. Maybe that's not who you really are, but it's how you present here.
    TREBOR
    21st Feb 2017
    1:01pm
    $400k = 20% return annually...... loan sharking..... NOBODY pays 20% unless you are a loan shark.
    TREBOR
    21st Feb 2017
    1:01pm
    Term accounts at banks aren't offering 5% - they're offering under 3......
    Rae
    21st Feb 2017
    1:56pm
    There is something incredibly wrong with people who accept that their government is making up the returns on their capital.

    Can you imagine the stink if investors were suddenly informed that returns would now be deemed and taxed at the new imaginary rate.

    Does anyone know which brilliant person came up with this scam and why people don't riot about it.
    TREBOR
    21st Feb 2017
    3:01pm
    I think it was Bob Hawke during his Wrecking a Silly Nation government, or maybe his successor... amazing how the rules will change to suit those the change benefits....... and their mates, cronies, families and so forth....

    "It's a great day down here at the Trebordome, looking down the pipe at this Bi-Centennial match between Peasants and Investors.... this will be the first match played under the new rules that do not permit the Peasants to tackle the opposition, and which allow the referee to award double points to Investors whenever they score but not the same to Peasants.... this looks set to be a real grudge match, and it may be that all the gloves will be off today....."
    Old Geezer
    23rd Feb 2017
    4:34pm
    Deeming was bought in because it took too much man power to check all the returns on people's investments. I was told years ago before deeming when I was helping a lady with her affairs for the OAP that she was stupid having so many investments when it would have been much easier for her to have the lot in a bank account. I know who it would have been easier for and t wasn't the lady I was helping out.

    I was talking to a fellow from Centrelink awhile back about the deeming rates being higher than term deposits and he told me that Centrelink expect people to get a bit more creative and invest their money better than term deposits. If they did then they would get even better than the deeming rate.
    Arthron
    20th Feb 2017
    9:33pm
    Big deal. Most people with credit card debt, don't have Platinum cards. All smoke and mirrors. Typical of this LNP mob sucking up to the big end of town.
    Old Geezer
    20th Feb 2017
    10:30pm
    Most people with credit card debt should not have got one in the first place.

    I did a survey on return of goods a few years back and not one person who used their credit card bought the goods back. It was like they considered their credit card was not real money. All those who bought the goods back paid cash or used a debit card. Most had used cash.
    MICK
    21st Feb 2017
    1:03am
    I did....if I realised I should not have bought the item because I really had no need of it or found it much cheaper elsewhere.
    Funny, after Christmas I see a heck of a lot of average and poor looking folk bringing back goods.
    LiveItUp
    21st Feb 2017
    7:11am
    Mick it's only a drop in the ocean with wrong sizes etc.
    LiveItUp
    21st Feb 2017
    7:13am
    Mick Did you know that there is a big oercentage of gift cards that are never redeemed. Some are as high as 70%. That's why stores love them.
    Anonymous
    21st Feb 2017
    10:16am
    OMG, OG. Yet another fairy story suggesting you can do a valid survey to prove the FANTASY that suits your egomaniacal assumptions. There's those pigs flying again! What a lot of SH....... you regurgitate.

    I used my credit card yesterday to pay a huge cost to remedy problems with my eyesight. Guess I should have checked first that I had funds in the bank to pay the card balance in a few weeks. If not, I should have just suffered near-blindness - reducing my future earnings such that I would ultimately return to poverty. Yep! Good strategy that one!

    My neighbour, who is temporarily unemployed and doing it tough, used his credit card to pay the rates and water bill. Of course, since he hasn't the funds to pay the card balance, he should have just left the rates unpaid and risked the council taking legal action against him?

    I agree that credit cards are great if you use them wisely, but not everyone is fortunate enough to be able to avoid debt - and sometimes credit cards provide the only line of credit available. Or sometimes, the poor struggler using the card unwisely just doesn't have the education or support to access alternatives.

    Maybe show some empathy now and again?
    Old Geezer
    21st Feb 2017
    10:51am
    Rainey credit cards should not be used if you cannot pay the balance by the due date as there are cheaper forms of finance available. Line of credit rates are now about 4% so why not use them instead? If that is not empathy then I have no idea what is.

    I have reviewed various course about one's finances and I am shocked when they suggest using a credit card for emergencies. I have highlighted this in my reviews but they still stupidly insist in putting it in their courses. Emergencies come around 3 times a week for some people.

    Your neighbour should have entered a payment plan instead of using his credit card. Rainey you should have saved up knowing you needed this operation as you have known for some time. Now if you don't pay you have a debt that is increasing at 19% plus. Yeah that was a great idea in deed.
    Anonymous
    21st Feb 2017
    3:42pm
    OG, again you show your arrogance and disregard for reality. I've tried to get credit when I really needed it and a credit card was OFTEN the ONLY option available. Luckily for me I used it wisely and it proved a benefit. Lines of credit are NOT always available to people. It depends on their personal situation.

    As for saving for an operation, I had NO IDEA I would need it. I've had glasses for years and had every reason to believe budgeting for a new pair every few years was all that was required. Not everyone is LUCKY ENOUGH to have a crystal ball that guarantees warnings of health issues years down the track, OG.

    As it happens, I DO have enough to pay for the treatment I need, but my point is that people DON'T always have prior warning of expense events that often happen at the most inconvenient times.

    A relative didn't know she would get cancer at age 36 and be unable to work. She wouldn't have bought a car on HP if she had known. Nor would she have had a third child. Her husband went bankrupt when she died and he was faced with a pile of medical and funeral expenses, soaring care costs for 3 kids, and the loss of the family's second income. I suppose it was all HIS FAULT. (Decent people would sympathize, not criticize!)

    Stop being such an arrogant and egotistical KNOW ALL and recognize that life DOES throw curved balls at some of us, and the solutions that work for others aren't necessarily available to everyone in times of crisis.

    Be thankful for your good fortune, OG, as I am for mine. But STOP- BEING SO NASTY AND SELF-RIGHTEOUS AND BULLYING THOSE NOT SO FORTUNATE.
    Old Geezer
    21st Feb 2017
    4:05pm
    Rainey you need help as you are heading for a breakdown if you continue with all that venom towards people.

    I have had enough curved balls for 3 lifetimes so I do know all about them. However I was prepared for such things and hoped they would never happen but they sometimes did. I always expected the best but planned for the worst. I recently went through one of those curved ball events but as I had planned for the worst what did happen was not ideal but a better outcome than I expected. Most people would not have been able to hack all the crisis that life has thrown me. I have had cancer twice once in my late 20s and then again a few years ago. I survived both due mainly to my positive attitude.

    Rainey you have been going on about your eye problem now for ages so you have had plenty of time to plan for it.
    Anonymous
    22nd Feb 2017
    10:15am
    Obviously you have much more than an ''eye'' problem, Old blind fool. I said I HAD planned for it. I was quoting an example of what can challenge people who haven't had the opportunity to plan for a crisis.

    You are university educated, OG. So you do NOT know what real disadvantage is. So you've had curved balls. We all have. It's the opportunities and struggles earlier in life, and whether or not disadvantage continues or you have a chance to resolve it that is critical.

    You just have no idea what life is like for the truly disadvantaged. They DON'T HAVE THE CAPACITY TO PLAN FOR THE WORST. There is no scope to plan. They can have the most positive attitude in the world, but it doesn't help when you have been forced out into the world on your 15th birthday uneducated, with no skills, no support, no job, and nothing more than the clothes you are wearing, and with it firmly ingrained in your mind - after a decade of indoctrination and physical and verbal abuse - that you are worthless, useless, destined to suffer disaster, and not deserving of any good in your life. Then compound that with having the State steal your wages until you turn 18, because you are a ''Ward'' and a minor. Add not being allowed to make a single life choice - no choice of job, housing, medical care - nothing - until you are 26, and then suddenly finding yourself with no job, no skills, no education, no prospects, no house, no support, and a young family to support.

    You have no idea, OG. Your arrogance and egomania is just so sickening.

    It's not me who needs help. It's the people you condemn and shun. And you need help with your eyesight - badly. Firstly to read what is written, and not imagine something different, and secondly to observe the real world and develop some compassion.

    I have said over and over again that I am fortunate. I am moderately comfortable in semi-retirement, reasonably healthy, able to work, have a great job, and have a supportive family. I was seriously disadvantaged in childhood, but lucky to have a strong support network and excellent influences in my life. That got me through tough times. But I have made a point of learning what defines real disadvantage and hardship and why many people simply can't overcome their challenges. In some cases, it is laziness or a bad attitude. But the genuinely disadvantaged face obstacles people like you, OG, could never hope to understand. They deserve compassion and proper support, not your vile contemptuous condemnations.
    Old Geezer
    22nd Feb 2017
    11:39am
    I still think you need help Rainey as you need to be more positive about life as it is getting you down.
    Anonymous
    22nd Feb 2017
    4:08pm
    Not me, OG. I am very positive - and very happy. But it bothers me that we have such arrogant and nasty people in the world lobbying to make life harder for the disadvantaged, so that the wealthy privileged can continue to hoard more and more wealth.

    We should all be standing together demanding social reform, not gloating about changes that will legalize theft of a retirees' home if they have suffered hardship, or stealing people's hard-won and often much-needed savings to gift to people who didn't bother to save.
    Old Geezer
    23rd Feb 2017
    4:27pm
    Well Rainey you don't sound very happy at all.

    I decided to no longer hoard money some time ago but spend it instead. Trouble is the more I spend the more money I make so it has become a real battle for me. None of my wealth is being stolen to give to those who didn't bother to save and I don't know any one else whose wealth is being stolen either. I like others am paying my own way without any government assistance at all but I don't see that as stealing my wealth. I do however see that others who take from the government even though they don't need it as stealing the taxpayers money.
    dougie
    21st Feb 2017
    11:22am
    Maybe just maybe the correct thing to do would be for legislation to be enacted to ensure that a credit card limit could not exceed say 10%, or some such arbitrary figure of a person's salary or wages, to ensure that people did not incur unmanageable outgoings. Once the limit was reached then maybe a period of non use until say 50% of the value was repaid.
    I know that people will card shop and have several but the same legislation should make it mandatory for borrowers to check whether other lines of credit are in use and mandate that should the borrower get into trouble that the lender carries the can.
    All very altruistic I know but it does put the onus back where it belongs on both the borrower and the lender to ensure that they both act with good and honest intent.
    Old Geezer
    21st Feb 2017
    11:52am
    Dougie the problem is some people are asset rich but income poor. This is problem with mortgage brokers already as they prefer those with a job (just over broke) to those with lots assets.
    dougie
    21st Feb 2017
    4:28pm
    OG
    yes you are right, but it would be nice to put the problem back to those responsible for their own predicament. In the first place the borrowers who with their stupidity commit themselves to a repayment that they know that they cannot meet and the lenders who just want the numbers and stuff the consequences for an individual. Even Centrelink is required to look at the repayment ability when someone asks for an advance payment ( Loan).
    If borrowers insist on lending beyond a persons capacity to repay then they should bear the penalty.ie. non payment = loss of capital investment. No penalty on the borrower other than he is listed as a non payer.
    Antho
    21st Feb 2017
    6:05pm
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    Wstaton
    21st Feb 2017
    6:16pm
    You will be removed soon Antho. This is not a forum for advertizing.
    Old Geezer
    21st Feb 2017
    7:31pm
    No funds needed Antho.
    TREBOR
    21st Feb 2017
    9:23pm
    Is here a sign up bonus? $500 cashback and first twenty years interest free?
    Joy Anne
    22nd Feb 2017
    6:45pm
    Turnbull is delusional. He thinks he is the only one that does good things. THINK AGAIN TURNBULL YOU HAVE DONE NOTHING BUT TAKE AWAY FROM PENSIONERS, CENTRELINK, MEDICARE, HOSPITALS, HEALTH ETC GO ON FOR AGES. I SEE YOU BASTARDS HAVE STILL KEPT YOUR PERKS WHICH YOU ABUSE. ALSO RETIREMENT PENSIONS AND PERKS THESE MUST GO NOW SO THE MONEY CAN HELP THE PENSIONERS ETC.
    TREBOR
    22nd Feb 2017
    9:17pm
    Those over a certain net value should by law have to sell assets to provide pensions and such for those less well off... sure beats forcing pensioners and unemployed to sell off all their assets to get by.....
    Old Geezer
    22nd Feb 2017
    9:57pm
    Small drop in the ocean Joy Anne. Unfortunately spending needs to be reduced as the revenue is not there for all of those things you mention. So as the form the biggest part s of spending they have to be cut.

    Now you know why I own nothing but control everything Trebor. Many others have done the same so that those who try cannot take our assets away.