The small credit unions( BANK OF QUEENSLAND &  MEMBERS EQUITY BANK ) jump started the  Christmas spirit  with passing on the full rate cut   and t he big four  followed suit  to brighten up everybody's Christmas.

In spite of the sorry looking  state of affairs in Europe and the US ,  our banks  have weathered this financial crisis much better than some other countries  and have given the aussies some respite this Christmas by passing the full rate cut   to  mortgage holders. This will come a s a big relief to many  home owners who  have been  faced with mortgage stress.

Among the “big four banks” ANZ was the first of the big four to announce it was passing on the official quarter of a percentage point interest rate cut

Banks that passed the official quarter of a percentage point interest rate cut

• ANZ BANK

• NATIONAL AUSTRALIA BANK

• COMMONWEALTH BANK

• WESTPAC BANK

• BANK OF QUEENSLAND

• MEMBERS EQUITY BANK

While the economy  is booming  and the royalties from our mines which are flowing into the  government coffers, there has been a rise in insolvencies with small businesses  due to the one speed economy  resulting in loss of jobs and mortgage stress.

Australians will get a breather  with the rate cut  and many will  be opening their purse strings  bit  to splurge on some  Christmas shopping also resulting in some  cheer for the aussie retailers , who have  been experiencing a gloom rather than the boom the mining sector is enjoying.