The margin between the cash rate and the credit card rate is outrageous, yet have we seen any coverage of this by the news media no, its as if they are blind. Its all very well for the government to tinker with banks spurious charges and superannuation governance.
How about the outrageous credit card interest, is anyone looking in that direction, is it competition when the the big four charge almost identical rates. The banks apparently see what other members can get away with and copy them, there is no incentive to compete. They may not be in bed together but they sure as hell share the same warm water bottle.
The rates at which these Australian banks can borrow money internationally is no doubt even lower than our cash rate and yet we see exorbitant rates being charged here and no one blinks an eye.
Banks have never been there to serve the people, they are businesses, they are only there to make money, as we have seen, they now even ignore the Reserve Bank. This is the same Reserve Bank who is responsible for guarding the economy of the country, yet they ignore it to bleed more money from the public.
We need real competition, let's allow some real overseas competition in the market, sure they are also just banks but when our own banks show no loyalty to Australia why shouldn't we allow others in.
It might be enough to turn their cozy hot water bottle a little chilly. Maybe just maybe we would see a shake up, its worth a try.