this post was submitted on 18 Feb 2025
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Breaking: Major banks respond following RBA decision to cut interest rates (www.abc.net.au)
submitted 6 months ago by zero_gravitas@aussie.zone to c/ausfinance@aussie.zone
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[–] jonne 1 points 6 months ago (3 children)

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.

[–] Whirlybird@aussie.zone -1 points 6 months ago* (last edited 6 months ago) (2 children)

Jacking up rates only works when the thing going up is discretionary spending instead of essentials.

Which it was.

[–] jonne 1 points 6 months ago (1 children)

The things going up were food, energy and housing. Those are all inelastic goods.

[–] Whirlybird@aussie.zone -1 points 6 months ago

Definitely not the only things that were going up.