Australian Banks make Record profit whilst the rest of us suffer

Hi All,

another interesting article today in the The Australian about Australian Banks. It seams that whilst they have been crying poor and lifting interest rates above the Reserve Bank of Australia official cash rate and inflecting mortgage hell on the rest of us they have increased profitability to 1 Australian Dollar per every 2 Australian dollars earned.

The four pilliars of the Australian Banking system Commonwealth Bank, National Australia Bank, ANZ and Westpac all lifted their mortgage rates by more than the Reserve Bank.

This just isn't fair - the banks are clearly just raising profit margins and blaming the credit crunch. Has anyone noticed an increase on the interest paid on savings accounts - i dont think so.

Bye for now

IMS Foreign Exchange

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