Newspaper article The Morning Bulletin (Rockhampton, Australia)

Banks' Enormous Profits Stoke Ire at New Rate Rise

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Banks' Enormous Profits Stoke Ire at New Rate Rise

Article excerpt

Byline: Alister Thomson Alister.Thomson@capnews.com.au

JOHN Duffield fears how his children will cope after the Commonwealth Bank of Australia hiked its home loan rates.

The move followed the Reserve Bank's decision to raise the cash rate from 4.5% to 4.75% on Tuesday.

The CBA reacted immediately and was the first to raise its mortgage rate from 7.36% to 7.81%.

CBA customer Mr Duffield, whom The Bully spoke to yesterday outside the Rockhampton branch, said he was "very disappointed" by the move.

"Well I think they should be behaving in accordance with the Reserve Bank increase at present because the big four banks are making enormous profits.

"They can give returns to their shareholders without substantial increases over and above the RBA (Reserve Bank of Australia)," said Mr Duffield.

He spends two to three months of the year in Rockhampton with wife Sue, and said although he was not affected by the move, his children were.

He said he had two sons who were CBA customers, one with a 100% variable rate and another with a 50% variable rate, who would struggle with the increase. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.