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Are the Australian banks greedy?
Are the Australian banks that have raised interest rates justified or just money hungry dogs ?
3 Answers
- LJGLv 61 decade ago
I laughed at the first answer, but the real answer is that they are reacting to what's happening with the sub-prime lenders overseas.
The long and short of it is that banks are for the most part (aside from a couple of community-based banks) private businesses and need to make money and charge for their services. In the end, would you want to invest your money in a company that DIDN'T make a profit? If the bank goes down... in the end, in some way, so do you.
Source(s): I work at a bank, and I'm paying just like the rest of you! - Anonymous1 decade ago
The NAB is, raising rates before the reserve bank did