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Lex Talionis 16th Apr 2012 04:41

Federal opposition spokesperson on finance Andrew Robb has well and truly let the cat out of the bag endorsing the decision by the ANZ (and therefore the other big 3 as well) to raise their rates independently of the reserve bank.

"They are responsible citizens, their books in the end will be on the table with their profit margins and all the rest.
We now know who the opposition supports and who will most likely be supporting the opposition.

The opposition were also against changing the banking laws to reduce or remove the exit fees so that customers could get a better deal on their mortgage if they moved to another financial institution.

The ANZ must be doing it tough as it has been reported that customers are not borrowing as much as they previously did because they are not comfortable what what will happen in tomorrow economic climate.

Of course this might have something to do with the ANZ lifting it's interest rates despite increasing it's profit by 5.7% in last Decembers quarter to $1.48 Billion.This is after last years record profit by the ANZ of $5.3 Billion despite the so called economic downturn.

The Liberal party obviously knows which side it's bread is buttered on and even the CEO of the ANZ does not understand why Australians are so concerned at how much corporate bosses make (note I did not say earn).

Buster Hyman 16th Apr 2012 06:06


The Treasurer was reluctant to take a big stick to the banks when asked for his reaction to reports the ANZ was preparing to increase interest rates.
Monkey see, monkey do...

sisemen 16th Apr 2012 06:18

Meanwhile the "new" Greens seem intent on spoiling Down the Swanny's little party over the totally political 'budget surplus'.

Hopefully it will have two effects:

1. Bring down this government (note I did not put in the upper case g - been doing it for ages but, apparently, the modern trend is to point out things like that) because they have set such great store on proving that they are good economic managers.

2. The consequent election results will destroy the Greens (as well as the ALP).

parabellum 16th Apr 2012 12:08

Just been watching Q & A, what and evil piece of shite George Robertson is, trying to defend Julian Assange and claiming he has not committed any offence! By his own admission he has been handling stolen property, isn't that enough?

CoodaShooda 16th Apr 2012 23:20


Andrew Robb has well and truly let the cat out of the bag endorsing the decision by the ANZ
Lex

I heard the ABC radio news article making that claim and, a few minutes later, the AM interview with Robb from which it was drawn.

He did not endorse the ANZ action. The journo asked him several times if he was making the endorsement and each time he rejected the proposal.

His position was that he understood that the government had created an environment that was making life difficult for the banks but that he could not comment on whether or not the ANZ was right in raising its rates without first seeing their books.

I've actually used this example in conversations with others about how the ABC can no longer be relied upon to present a fair and accurate story.

Another example discussed yesterday was ABC radio claiming that Breivik had given a Nazi salute to the court in Norway. TV footage clearly showed the salute to have not been Nazi. ABC TV this morning called it "an extreme right wing" salute, although it seems to be more common to left-leaning types.

RJM 17th Apr 2012 05:28


what and evil piece of shite George (Geoffrey) Robertson is
Remember that Assange is Robertson's client, and that Robertson is a publicity seeking ponce and a ham in front of any lens - an Australian Anglophile who is a disgrace to his country with that horrible manufactured accent.

Lex Talionis 17th Apr 2012 05:51


He did not endorse the ANZ action.
He might not have endorsed the move but he also did not condemn it either and defended the banks right to do it.

''You know, they're not stupid and I don't think they would willy nilly put up their margin like this if they weren't - if they weren't suffering a problem with their margins''

When it was put to Mr Robb that the bank was making a profit, he said that was not "solely the point" and "do you want them to have a loss before they can put up their margins?"
As the point was made to Mr Robb that the ANZ made a record profit last year and a much better than forecast profit for the last Dec quarter.

If he was against the move he would have said it but instead supported them by saying the ridiculous statement that they wouldn't move the rates up willy nilly.Profit and corporate pay packets with nice a little bonus every now and then have been the order of the day for years.

Tony Abbott has also refused to back Mr Robbs statement but with his usual lack of understanding of economics or even history.

The Australian prime minister made an embarrassing apology to the country yesterday, after interest rates rose for the sixth time in three years.
The increase undermined a rash pledge John Howard made at the last election, in 2004, that he would keep rates at rock bottom levels.
It was the first ever rate rise during a general election campaign and it has damaged Mr Howard's credentials as the protector of the aspirant middle-classes.
The election, on Nov 24, will be largely decided by voters in Australia's mortgage belt, suburbs of the big cities where families have borrowed heavily to buy their homes.
"I would say to the borrowers of Australia who are affected by this change that I am sorry about that and I regret the additional burden that will be put upon them as a result," Mr Howard said.
My point is that neither party has either the will or capability to stop the banks from operating with complete freedom.Both blame the other and conveniently forget what they have done when they were in power.
Short term memory problems seem to be a consistent condition of our politicians.

CoodaShooda 17th Apr 2012 06:20

I love playing selective "Cut and Paste" :E


He might not have endorsed the move
v

Andrew Robb has well and truly let the cat out of the bag endorsing the decision by the ANZ
:hmm:

but


My point is that neither party has either the will or capability to stop the banks from operating with complete freedom.Both blame the other and conveniently forget what they have done when they were in power.
Short term memory problems seem to be a consistent condition of our politicians.
:ok:

Lex Talionis 17th Apr 2012 06:42


I love playing selective "Cut and Paste"
Yes very obviously or did you mean selective editing? :roll eyes:

It looks like Mr Abbott can see the danger from voter anger at the comments by Mr Robb and no amount of back peddling will change the minds of those who remember the Howard years.

It's time like this that I really wish there was a third candidate because neither party has done anything that could influence my vote towards them.

Just as a matter of interest how many people here think the ANZ and therefore the other big 3 banks have the right to be able to raise interest rates independently of the reserve bank?

Buster Hyman 17th Apr 2012 07:36

LEX IN SHOCK ADMISSION:


It looks like Mr Abbott

has

my vote
:eek:

sisemen 17th Apr 2012 07:45


Yes very obviously

I really

like Mr Abbott

the ANZ and therefore the other big 3 banks have the right to be able to raise interest rates
Good game being able to quote Lex :ok:

Anyway, I will put up my hand as being a supporter of the right of banks - or any other private business - to increase or decrease charges to the level that they think that the market will handle.

Personally, I don't give too much of a stuff about the "tirty tree and turds" having to pay increased interest. I've paid my mortgages off (when interest rates under left wing administrations were in the teens) and my savings ought to be earning far more interest than they currently are.

RJM 17th Apr 2012 09:05

Don't worry, sisemen, there are always people interested in your savings... :E

Worrals in the wilds 17th Apr 2012 09:18

Okay kiddies. ;)

Don't worry, sisemen, there are always people interested in your savings... http://images.ibsrv.net/ibsrv/res/sr...ilies/evil.gif
Exactly. If you don't like a bank...don't bank with them. I don't know why so many people stick with the Big Four when they're such a bunch of pricks. Actually I do know; apathy, fear and laziness are a big factor. So is the false perception that 'they've looked after me in the past.' Same with health insurers.
There are heaps of banks (proper banks) that offer better terms than the big guys, and if more people moved to them 1. they'd be better off and 2. the big guys would have to start getting competitive.
I've done it, after having a huge tantrum over one big bank's inability to close credit accounts even after getting more letters than One Direction :ugh::ugh:, I literally stormed out with my life savings in an envelope (I didn't need a briefcase :sad:) and went to a smaller bank down the road. It's a deadset PITA and you write off a few days sorting out direct debits et al, but it's entirely doable.

Don't like ANZ? Don't give 'em your money.

Fliegenmong 17th Apr 2012 12:54

LEX IN SHOCK ADMISSION:

Quote:
It looks like Mr Abbott
Quote:
has
Quote:
my vote


:D:D:D:D:D:D

I always suspected you worked for the Murdochracy

Hilarious....but anyways......

How come is it that....(no actually I know why it is), but when Swan can't stop the banks from independently raising the rates he's an impotent treasurer, (not that it has anything to do with him) when Robb fails to condemn the banks for raising the rates it is accepted that the official line is 'The Government has created this situation that is difficult for banks', an increasingly higher profit margin would perhaps suggest that this is not so, however I'm not an economist...

Now I've posted this many times......and it will be all too convenient for you to shout it down because it is the ABC, (and Christ knows just how impartial the commercial stations are in this country :rolleyes:)

But it is a regrettable fact - Worth its weight in gold - The Drum (Australian Broadcasting Corporation)

Pete was a good player on the floor sure, may have been able to suck a gullible Aust populace over the line in 07, howard ensured that would not happen Anyway, they had their chance.....
Hey if howard knew he was going to get beaten as badly as he did, as everyone did, and howards decision to stay was by own logic not the best for the country..............

Buster Hyman 17th Apr 2012 13:08

For the record, I don't like the Commercial stations either. I'd like someone to report the news as fact & leave their particular editorial out of it.

One day, we may see a report where the PM said this...(queue actual quotes not 2 second grabs)...and the Opposition leader said that...(same deal)...and let ME make up my own mind.

:mad:

Lex Talionis 17th Apr 2012 21:39


Exactly. If you don't like a bank...don't bank with them
Exactly Worrals and that is why I have not been impressed by the Liberal party ever since it started moving to the far right under the Howard administration and has increased that direction under the Abbott leadership.

It was the current Labor government who introduced legislation to remove the exit fees which would enable people to vote with their feet and move to another financial institution to get a better deal.

Who opposed the legislation to remove the exit fees?

Mr Abbott and the opposition.

The problem I have with the Liberal party under Mr Abbott is that they represent big business such as the big 4 banks,the oil companies,the mining companies of whom something like 82% do not pay company tax and so on.

This is supported with statements from conservative supporters like this.

Anyway, I will put up my hand as being a supporter of the right of banks - or any other private business - to increase or decrease charges to the level that they think that the market will handle.
With creative accounting like creative editing we have the recipe for business to do whatever they like.

The Liberal party then comes up with gems like Work Choices which benefited big business and not the employees.Mr Abbott has said a number of times that he wants to go back to the good old days of the Howard government.

I may not be happy with the Labor government but I certainly do not look forward to Australia going backwards under mr Abbott.

Will someone do us all a favour and start another political party with vision and not self interest.

BandAide 18th Apr 2012 00:46


we have the recipe for business to do whatever they like
Business should be able to do whatever they like. The market constrains business naturally - if they screw the customers, they will go away; if they screw the employees, they won't attract good ones.

That's Nature in balance. Why can't the Left see that?

sisemen 18th Apr 2012 00:56

I was going to put in the "idiots guide" to marketing in my original post BandAide but I decided not to because I assumed that even the left of leftist lefties would understand the system. But thanks for re-stating it for those that didn't. :ok:

It would appear that Abbott is now preferred PM as well as maintaining an unassailable lead in both primary and two party preferred options

http://www.hotink.com/wacky/mfiles/m-ani.gif

Clare Prop 18th Apr 2012 01:08

If you change banks, presumably you have to get your house revalued, and how many people would find themselves in negative equity now if they did that? :uhoh:
Self and him indoors are both self employed so the "Big Four" wouldn't lend us a cent even though we'd both paid off houses with them in the past, their loss, we have a much better deal with a non-bank organisation.

Swan has no control over the banks nor should he.

Lex Talionis 18th Apr 2012 01:47

It appears although politicians are not the only ones who could do with lessons in economics 101.

I was going to put in the "idiots guide" to marketing in my original post BandAide

Business should be able to do whatever they like.
It has only been a few years or so and the far right (righties) have already forgotten the lessons of the GFC with the main cause being big business having absolute free reign.:hmm:

It would appear that Abbott is now preferred PM as well as maintaining an unassailable lead in both primary and two party preferred options
You might find this interesting as it was a poll taken just weeks before Mr Howard not only sent his party into the political wasteland but joined the small but elite club of only 2 PM's to have lost their seats in an election as well.

The latest polls suggest the government is heading for defeat and that Mr Howard might even lose his seat, which he has held since 1974.Were that to happen, he would be the first prime minister to lose his seat since 1929.
The government received a boost, however, from a poll in The Australian newspaper which found that 51 per cent still believed Mr Howard was a better economic manager than Mr Rudd, who scored 32 per cent.
We all know how that turned out for Mr Howard and by the way it's 18 months until the next election and as they say a week is a long time in politics.


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