Hey GG,
"When was the last time you remember a period where term deposit interest rates (substantially?) exceeded the home loan rates?"
I don't know. But that indicates how keen the banks are to get deposits.
Westpac got a lot of free publicity with offering 8%. It was mentioned often.
The implications to me are: Deflation, deflation, deflation.
Without deposits or other funding to continue the banks' lending: money stops growing. It's almost like the ponzi scheme of debt fuelled growth ends.
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