In an interview with the ABC 7.30 Report on Wednesday, Prime Minister Rudd was asked:
And that begs the obviously question, if our banks are well capitalised, they're sound, they're well regulated, there's not a problem, why can't they pass on any interest rate cut officially next week in full to mortgage holders?
I'm still trying to untangle Rudd' reply which began:
Well, the Reserve Bank of Australia only last week indicated through the Financial Stability Review that the cost of bank finance has obviously gone up as a result of the global financial crisis. Our banks are not immune from the impacts of this.
Therefore, obviously, if there is an official interest rate cut, we the Australian Government want to see a maximum pass through of that to consumers.
But we must make sure also it is done if a manner which is consistent with the stability, continued stability, maintaining the stability of the Australian financial system.
Consumers have just been through 10 interest rate rises in a row under the previous Government and they deserve the maximum pass through. And the maximum pass through also consistent with maintaining the stability into the future of our system.
And that begs the obviously question, if our banks are well capitalised, they're sound, they're well regulated, there's not a problem, why can't they pass on any interest rate cut officially next week in full to mortgage holders?
I'm still trying to untangle Rudd' reply which began:
Well, the Reserve Bank of Australia only last week indicated through the Financial Stability Review that the cost of bank finance has obviously gone up as a result of the global financial crisis. Our banks are not immune from the impacts of this.
Therefore, obviously, if there is an official interest rate cut, we the Australian Government want to see a maximum pass through of that to consumers.
But we must make sure also it is done if a manner which is consistent with the stability, continued stability, maintaining the stability of the Australian financial system.
Consumers have just been through 10 interest rate rises in a row under the previous Government and they deserve the maximum pass through. And the maximum pass through also consistent with maintaining the stability into the future of our system.
牛糞, Kevin 牛糞!
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