zero_gravitas@aussie.zone to AusFinance@aussie.zoneEnglish · 2 months agoBreaking: Major banks respond following RBA decision to cut interest rateswww.abc.net.auexternal-linkmessage-square17fedilinkarrow-up118arrow-down10
arrow-up118arrow-down1external-linkBreaking: Major banks respond following RBA decision to cut interest rateswww.abc.net.auzero_gravitas@aussie.zone to AusFinance@aussie.zoneEnglish · 2 months agomessage-square17fedilink
minus-squarejonnelinkfedilinkarrow-up1·1 month agoThey 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.
minus-squareWhirlybird@aussie.zonelinkfedilinkarrow-up1arrow-down2·edit-21 month ago Jacking up rates only works when the thing going up is discretionary spending instead of essentials. Which it was.
minus-squarejonnelinkfedilinkarrow-up1·1 month agoThe things going up were food, energy and housing. Those are all inelastic goods.
minus-squareWhirlybird@aussie.zonelinkfedilinkarrow-up1arrow-down2·1 month agoDefinitely not the only things that were going up.
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.
Which it was.
The things going up were food, energy and housing. Those are all inelastic goods.
Definitely not the only things that were going up.