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
NATIONAL AUSTRALIA 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.