Malcolm Turnbull takes credit for ANZ interest rate cut

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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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Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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189 Comments

Total Comments: 189
  1. 0
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    We’ve got our own Donald Trump. Big talker – does nothing except rob the poor and look after his rich mates.

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      Completely agree Rosscoe! He’s also delusional and takes credit for things he shouldn’t.

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      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.

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      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.

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      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.

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      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.

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      Trump is a result of the world we now live in.

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      So is everyone else, Bonny – the drive to selfishness first has brought this country to its knees.

  2. 0
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    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.

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    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 : (

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    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”

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      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 ).

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      Just ask your bank to waive the annual fee or you won’t use their credit card. That’s what I did.

  5. 0
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    “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!

  6. 0
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    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???.

    • 0
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      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?

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      Turnbull is a part of the club. What you get will be government for the club. Why is anybody surprised?

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      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.

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      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.

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      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.

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      NBN dropout…. Sunova Bich….

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      Trebor the government is incorporated as a business therefore it must be a business.

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      Trebor if you buy a house and get a loan you are using OPM. So most people by your reasoning are involved in exploitation?

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      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?

    • 0
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      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.

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      Trebor Australia has to be incorporated or it quite simply cannot do business with the US among other things.

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      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.

  7. 0
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    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.

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      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.

    • 0
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      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

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      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

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

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      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.

    • 0
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      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.

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      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?

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      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.

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      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.

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      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.

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      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….

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      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…..

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      OG does not make up stories nor is he confused. Others I can’t vouch for.

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      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.

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    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!

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      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.

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      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.

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      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.

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      Agreed, dougie… but the banks won’t close shop if they are made to pay super properly.

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    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.

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      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.

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    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

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      If everyone used their credit cards like me then they would have disappeared years ago.

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      That is not what I recall. Credits cards were sent out in the mail and freely available to everyone in the past.

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      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

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      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.

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