Breaking: Major banks respond following RBA decision to cut interest rates (www.abc.net.au)

submitted 3 months ago by [email protected] to c/[email protected]

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[-] [email protected] 1 points 3 months ago

They did it because everyone else did the same and they wanted to look like they were doing something. Jacking up rates only works when the thing going up is discretionary spending instead of essentials.

[-] [email protected] -1 points 3 months ago* (last edited 3 months ago)

Jacking up rates only works when the thing going up is discretionary spending instead of essentials.

Which it was.

[-] [email protected] 1 points 3 months ago

The things going up were food, energy and housing. Those are all inelastic goods.

[-] [email protected] -1 points 3 months ago

Definitely not the only things that were going up.

this post was submitted on 18 Feb 2025

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