zero_gravitas@aussie.zone to AusFinance@aussie.zoneEnglish · 21 days agoBreaking: Major banks respond following RBA decision to cut interest rateswww.abc.net.auexternal-linkmessage-square20fedilinkarrow-up119arrow-down10
arrow-up119arrow-down1external-linkBreaking: Major banks respond following RBA decision to cut interest rateswww.abc.net.auzero_gravitas@aussie.zone to AusFinance@aussie.zoneEnglish · 21 days agomessage-square20fedilink
minus-squarejonne@infosec.publinkfedilinkarrow-up1·19 days 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-up1·edit-219 days ago Jacking up rates only works when the thing going up is discretionary spending instead of essentials. Which it was.
minus-squarejonne@infosec.publinkfedilinkarrow-up1·19 days agoThe things going up were food, energy and housing. Those are all inelastic goods.
minus-squareWhirlybird@aussie.zonelinkfedilinkarrow-up1·19 days 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.