Hate to burst ur bubble on the theory that banks are just passing on the sub-prime losses to their customers, but that's not how it quiet works.
All banks continuously supply the RBA data on margins, performance, etc and the data that Wayne Swan was referring to in is comments on ANZ was very high-level data from the RBA and when he was then provided the detailed data it was proven their was justification in the rate rise of 20 basis points by ANZ.
Problem is, Wayne Swan can't retract his comments now - it is very political at the moment.
The banks margins have actually reduced on the wholesale rate set, etc and in order to stay sustainable and deliver to shareholders, they can't absorb every rate rise. Keep in mind there has been a 75 basis point rate rise over the past couple of months with another one set to occur.
That would be a full 1% (100 basis points) in less than 6 months....
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