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Australians Put Record Amounts Into Term Deposits During 2008
Reserve Bank of Australia data shows that bank term deposits have increased by more than 50 per cent in 2008 which is the fastest growth in term deposits in nearly 20 years.
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Australian Banks Minting Fees From Consumers
The Australian Prudential Regulatory Authority (APRA) published new research last week showing that in the year to June financial institutions accrued income from fees and commissions totalling A$ 22.6 billion. The amount represented at least a ten per cent increase in fee and commission based income from the previous year which amounted to A$ 20.48 billion.
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Deutsche & Citi Dropped From Australian Interbank Rate Setting Group
The trading group of eight banks that set Australian daily interbank financing rates has dropped Citi and Deutsche Bank from its pool after credit rating agency Standard & Poor’s cut both lenders global risk ratings.
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Westpac Cuts Credit Card Rates
Westpac on Tuesday announced that in the run up to Christmas, its customers would be receiving the added bonus of lower interest rates on selected credt cards issued by the bank. Westpac is planning on cutting the interest rate on some of its cards by up to 1.25 per cent.
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Non Bank Lenders To Be Squeezed Out Of Australian Mortgage Market In 18 Months
Deloitte Australia released a report yesterday which suggested the non bank mortgage lenders would be squeezed out of the Australian home loan business if global credit markets do not thaw, which would have the effect of consolidating the big four banks’ competitive advantage.
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Australian Banks Continue to Claim Deposit Guarantee Distorting Market
The Federal Government’s decision to blanket guarantee all retail bank deposits of under A$ 1 million continues to distort the landscape, with domestic banks claiming interest rates on deposits are now artificially inflated as a result.
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Australian Banks Charging Customers Increasingly Higher Interest Rates
Australian Banks are charging their customer higher interest rates today than they were seven years ago, despite official lending rates being exactly the same level back then as they are today.
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ANZ Unrepentant on Credit Card Interest Rates
National Australia Bank Executive Director for Australia hit out at excessive media coverage of credit card interest rates, suggesting that unsecured credit card lending was merely a sideshow when compared to larger lending portfolios in residential and corporate lending.
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ANZ and Westpac Fail To Deliver Full Rate Cut To Their Customers
Only two of Australia’s big four lenders announced they would pass on the full 100 basis point cut in the official cash rate announced by the Reserve Bank of Australia (RBA) today. The Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) both announced within fifteen minutes of the RBA announcement that they would be passing the entire rate cut on to their customers.
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Australian Credit Growth Falling, More Interest Rate Cuts To Follow
Low interest rates have failed to stimulate demand for credit in Australia, which means that the country is probably in line for further reductions by the Reserve Bank of Australia (RBA) in the official cash lending rate as early as next week.
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