Saffin on the attack over those bank interest rate hikes

The big banks close ranks over rates
Image: Herald-Sun 13 November 2010

In the wake of the financial feeding frenzy as big banks raise interests rates between 10 to 20 basis points above the recent Australian Reserve Bank increase of 0.25 per cent (affecting an estimated 80 per cent of homeowners), Federal Labor Member for Page Janelle Saffin sent out this media release which would appear to accurately reflect the mood of many people living on the NSW North Coast:

Page MP Janelle Saffin has joined the attack on the Commonwealth, NAB and ANZ banks for raising interest rates above and beyond moves by the Reserve Bank.

“The time is not right and mortgage holders rightly feel ripped off.

The banks have a guaranteed profit making business, with less risk than our small businesses and family operated businesses but pay their executives at the top levels as though they are running really risky businesses.

The grab these higher fees and yet they provide us with the most basic services.

It is time the big banks were held to account.

Our banks came out of the global financial crisis strong, and there is no justification for moving interest rates above Reserve Bank rates.

Local customers are tired of the arrogant way the banks treat them.

“This is yet another case of the big banks putting profits before their customers and before the community’s standards,” Ms Saffin said.

“It is because of this arrogance that so many people turn to the community-based banks and credit unions.”