The RBA, Australia's Central bank, announced on December 6th that it is recommending the Australian Cash Rate be reduced by 25 basis points. Glenn Stevens and the Board made this decision after careful analysis and recognition of the current Global economic climate, and felt "that the inflation outlook afforded scope for a modest reduction in the cash rate." As Australia's ultimate gate keeper of economic policy, this decision by the RBA in the interests of our economy, is effectively unenforceable. As an independent body, acting in the interests of Australia, they have weighed up all factors and made an important recommendation regarding our monetary policy. Our banks have failed us! They have done their job, not ours. Because this RBA decision is unenforceable, the RBA has effectively only served to bolster the Banks bottom line. Our banks don't see an official rate change as a necessary step to manage our countries economic environment, but merely as an opportunity to provide another disservice to their customers and increase their margins! Lets make sure they don't have the opportunity to do this again! When the RBA makes a recommendation to change the cash rate, it changes the cost of money available to the banks. In this case, lowering the cost. If the banks chose not to pass on this saving, then their margins have increased overnight. Every day they chose not to pass on this decrease, it is costing Australian Homeowners and Businesses over $5.6million dollars in interest. This extra profit, is only added to the $20billion+ dollars annual profits of the big four banks alone. Sign this petition, and lets stand united in a show of strength against our banks greed and bully boy tactics. Lets lobby our regulatory body, the ACCC, and our appointed federal politicions to not merely verbally pressure our banks - but to have the legislative firepower to actually enforce. If our Australian central bank decides it necessary to change our cash rate to stimulate our economy, they have done so for a reason. Lets make sure their attempts are not in vain. Lets begin the process of having our appointed representatives enact change that protects our rights and interests. This petition will be used as the firepower needed to begin this process, and your signatory is needed.

Links