I wish the government would do something to bring the banks back into line. The banks don't have a monopoly but they act as if they do. When one bank changes their rates the others follow suit.
It is clear to me that there isn't enough competition in the market to keep them honest. During this global financial crisis the pollys were boasting about how strong our banks are. It appears to me that they are too strong.
When our economy falls so badly as it has and not one Aussie bank gets itself in significant strife says to me that they have too much fat.
Don't get me wrong I don't want any of our banks to fail. I would just like to see one of them see hard times occasionally so that there is proof that they are trying to do their best to keep customers happy instead of lining their own pockets all of the time.
It is undoubtedly harder to get a home loan these days, and why is that? It's because the banks are channeling more funds into the share market and less into the "less lucrative" mortgage market.
Time will undoubtedly show the banks having record profits over the next couple of years. All at our expense.
