Do you think it should be law that banks pass on what ever interest decision the RBA decide?

Do you think it should be law that banks pass on what ever interest decision the RBA decide?
Other, please leave a comment
  • Total votes: 317
  • Poll ended: Sat 28 Jan. 2017, 4:22 PM

Suggested by goose48

Poll Comments (18)

Comment by lil 21

Thu 19 Jan. 2017, 2:19 PM

by way of complying with, at least, the minimum of what the RBA expects of banks, yes, however, it should not be made so that they no longer have a means of being competitive with other banks, etc. and, making it a law that banks have to have whatever interest rate the RBA sets would take away this competitive edge they currently have, and wouldn't really benefit customers as much ie better deals are given while they are able to compete against each other.

Comment by CILLY0

Mon 02 Jan. 2017, 4:12 PM

Banks are private businesses and are subject to the open market. If they don't do what the public consider the right thing to do they will lose customers. That's what drives them, not the RBA which sets an interest rate for government concerns. Once the CBA was privatised there was no longer a reason other than the market for other banks to follow the RBA rulings.

Comment by redxr8

Sat 19 Nov. 2016, 11:25 AM

Without a doubt they should. Its just like they are costing the customer money because they are selfish and don't pass on the full rate cut. Hate banks. Plus it takes them weeks to give you the pittance of an interest rate cut, but they put rates up almost the next day.

dreid replied to redxr8's comment

Fri 27 Jan. 2017, 8:18 AM

Agree totally.

Comment by Thumpy

Fri 30 Sept. 2016, 4:36 AM

If the banks don't then why do we have an RBA setting interest rates. To charge rates above those set by the RBA is flagrant usury.

Comment by GREENFERN

Thu 29 Sept. 2016, 9:36 PM

Warren Buffet said something like: Whatever you do it does not warrant millions of dollars as salary. Bank CEOs earn way too much. This may be the reason the full recommended rate is not passed on to the consumer.
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