Oz Banks Profiteer on Reserve Bank Rate Cuts

  Despite posting multi billion dollar profits National Australia Bank and Commonwealth have both failed to pass on the full benefit of the recent Reserve Bank 50 basis point Rate reduction. The move which comes on top of wholesale sackings across the banking sector is yet another indicator that Australian Banks are prepared to gouge at every opportunity irrespective of the social consequences.


 Despite the noises emanating from the Federal Treasurer Wayne Swan there is no Government initiative to rein in Bankers cavalier treatment of either staff or long suffering customers. A commonsense starting point for legislation would be a requirement that bank rates be adjusted immediately and automatically in line with Reserve Bank increases or Falls.


 The shrinking percentage of the population who retain a semblance of faith in the duopoly faux democratic instruments of Australian government vote in the hope that government will protect the people from the excesses of unelected power holders - instead of which recent Australian Governments have acted to protect Commercial excesses from the wrath of the people.


 Occupy Sydney participants call for 

• Australia must Rescind All Debt. Simple. Occupier Home Mortgages forgiven.Personal Debt forgiven.
• Heavily regulate mechant and retail banks