BANKING Tom Watson
After every cash rate hike from the Reserve Bank, I imagine a western-style standoff playing out between the banks. Pistols at dawn, or rather, after 2:30pm. Who will draw first? Who will announce the unwelcome news to customers that, regrettably, the latest increase will be passed on in full, breaking the dam wall for every other bank to follow suit?
Of course, these announcements have become all too familiar for property owners with a mortgage, many of whom will have seen their interest rate double in the past year and their repayments soar by hundreds of dollars each
