Johndoe Posted April 25, 2012 Share Posted April 25, 2012 Just read the news that it is predicted that Aus interest base rate is to change by at least - 0.5 %. The government have warned the Bank Treasury they need to reduce this rate. Is alarm bells starting to ring. Super high housing prices, super high dollar and the cost of living is immense. Bank lending has been far worse than the U.K or America. Worrying times me thinks. Time will tell. Don't know where you got your info but one of the reasons Oz zurvived is because the banks here behave more prudently. Link to comment Share on other sites More sharing options...
an1ta Posted April 25, 2012 Share Posted April 25, 2012 Not wages mate, i'm referring to what we are down which is at least $200,000 from when we first started the visa process, i know we never had it, but in those days the dollar was always above $2 to £1 no one could have predicted it dropping to what it has, we would be happy if it went up to $2 again. Like you I would love to get 2 dollars to the pound. It makes me laugh when people say that Australia will not go into recession, r u joking, they are already heading there. Jobs what jobs, there might be in a few places but not that many. Im seeing shops shutting down all the time. Kids leaving school cannot get jobs. Houses are so overpriced in Sydney it's a joke, I dont know how u expect ur kids to ever leave home. Someone saying ur banks are the best in world, all they do is rip the public off, fees for this fees for that, and why do they never put the interest rate down like they should, and we are meant to trust them. I dont think so. Its about time people woke up to the real Australia and stop living in a bubble. if it can happen in England and America it will happen here. Link to comment Share on other sites More sharing options...
Guest guest36187 Posted April 25, 2012 Share Posted April 25, 2012 Anita.....not all banks charge! Mine doesn't. I'm with bank west and all I pay is one fee per year for my credit card. Other than that, nothing! N withdrawal fees, can get my money out of any machine for free! Link to comment Share on other sites More sharing options...
Johndoe Posted April 25, 2012 Share Posted April 25, 2012 Only fees I pay are on incoming funds from the UK and that's only a dollar or two per transaction. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted April 25, 2012 Share Posted April 25, 2012 Don't know where you got your info but one of the reasons Oz zurvived is because the banks here behave more prudently. I was going to reply to this, but i felt it would be a whinge against the UK again, we have borrowed £1 Trillion pounds, that is the debt we are in, we are borrowing a further £155 Billion this year, we are struggling to get any growth in the economy and wages have dropped by 1.7% in the last year, so how this government thinks we are going to get out of this long term recession and mess when we all have less to spend i don't know. Link to comment Share on other sites More sharing options...
jamjar Posted April 25, 2012 Share Posted April 25, 2012 Don't know where you got your info but one of the reasons Oz zurvived is because the banks here behave more prudently. With out doubt that is a massive feather in the Cap for the Aussie banks. I know poeple in there early 30's in Oz that are still living at home trying to save up for the deposits for a house. Although this makes it tough to get on the property ladder it does stop the rot. Link to comment Share on other sites More sharing options...
Guest sidster Posted April 25, 2012 Share Posted April 25, 2012 Just read the news that it is predicted that Aus interest base rate is to change by at least - 0.5 %. The government have warned the Bank Treasury they need to reduce this rate. Is alarm bells starting to ring. Super high housing prices, super high dollar and the cost of living is immense. Bank lending has been far worse than the U.K or America. Worrying times me thinks. Time will tell. OMG were all doomed ,get your money out of the bank now, sell your house and book flights , anyone got any suggestions where we go to next? Link to comment Share on other sites More sharing options...
jamjar Posted April 25, 2012 Share Posted April 25, 2012 While I 'sort of' agree with your point perhaps you should say 'over-priced'. A value is determined by what someone is prepared to pay, I think your point is with the 'price' really. On a side note; I notice that most online figures/graphs exclude Darwin. Wonder why.. 4lan Correct you are, I meant price Link to comment Share on other sites More sharing options...
Freckleface Posted April 25, 2012 Share Posted April 25, 2012 OMG were all doomed ,get your money out of the bank now, sell your house and book flights , anyone got any suggestions where we go to next? I was going to respond to the OP but your post is perfect and saved me the trouble. PSML :biglaugh: Link to comment Share on other sites More sharing options...
VERYSTORMY Posted April 25, 2012 Share Posted April 25, 2012 Housing market is coming down and there are bargains to be had but I think we are at the bottom. Today bought a decent size block (527m) 500m from beach for $180k with views. It might come down a bit more, but happy to live there. My work is secure fore long term as gold price only needs to stay over $800 for what I do Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted April 25, 2012 Share Posted April 25, 2012 Just seen the news on Sky, the UK economy has retracted by -0.2% which is the second consecutive minus growth figure, so to cap ..... Australia MIGHT be heading towards a slow down in its economy and MIGHT eventually head towards recession and the UK is in recession. Link to comment Share on other sites More sharing options...
Skani Posted April 25, 2012 Share Posted April 25, 2012 Someone saying ur banks are the best in world No one said that. The OP said that Australian bank lending had been "worse" - more reckless - than the UK and US. Someone just said that is simply untrue. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted April 25, 2012 Share Posted April 25, 2012 Oz bank lending is and still is reckless I was offered recently $850k by my bank based on a $150k salary Link to comment Share on other sites More sharing options...
flag of convenience Posted April 25, 2012 Share Posted April 25, 2012 Don't know where you got your info but one of the reasons Oz zurvived is because the banks here behave more prudently. Really all the banks are you sure?Or are you believing the local press reports? If you read the report given to the Senate Committee by Mark Joiner, Director of Finance, of one of the bid 4 banks,who stated there were two periods the the crisis when our credit rating(one of big 4)was in negative which could have resulted in the loss of the banks AA status. These two perods were in Nov 08 and July 09. This desite claims by ABA (Australian Banking Authority)that Australia's banks were strongly capitalised. Indeed. So strong that NAB had to raise$6 billion on the markets and another $4.5 billion in secret from the US Fed. Not quite as safe after all. They were not the only bank either.... Link to comment Share on other sites More sharing options...
supa Posted April 25, 2012 Share Posted April 25, 2012 Just seen the news on Sky, the UK economy has retracted by -0.2% which is the second consecutive minus growth figure, so to cap ..... Australia MIGHT be heading towards a slow down in its economy and MIGHT eventually head towards recession and the UK is in recession. I also read that economists are saying that the doom-mongers are out in force (again) and that figures aren't nearly as bad as they are being made out. They said that the next quarter figures should show modest growth. However, the Jubilee holidays are going to knock numbers big time. I would hope this would be a bit offset by the Olympics! I too would like a recession in Oz, although I'd be happy for a 24 hour one; just long enough for us to make a currency trade!! Link to comment Share on other sites More sharing options...
Skani Posted April 25, 2012 Share Posted April 25, 2012 Oz bank lending is and still is reckless I was offered recently $850k by my bank based on a $150k salary They've obviously considered that, taking all your circumstances into account - not just your income - it's a risk worth taking. Their risk management strategies have obviously been better over the last few years than some other nations' banks. Doesn't mean they don't make any poor decisions!:tongue: Link to comment Share on other sites More sharing options...
flag of convenience Posted April 25, 2012 Share Posted April 25, 2012 Oz bank lending is and still is reckless I was offered recently $850k by my bank based on a $150k salary Indeed. We can expect little has been learnt by banks with the international folly from the past and it is more of the same again. Link to comment Share on other sites More sharing options...
Skani Posted April 25, 2012 Share Posted April 25, 2012 Really all the banks are you sure?...Not quite as safe after all. They were not the only bank either.... This point of issue in this topic is whether the Australian banks, in general, acted more recklessly than the UK or American banks, in general. No they did not. Link to comment Share on other sites More sharing options...
flag of convenience Posted April 25, 2012 Share Posted April 25, 2012 I also read that economists are saying that the doom-mongers are out in force (again) and that figures aren't nearly as bad as they are being made out. They said that the next quarter figures should show modest growth. However, the Jubilee holidays are going to knock numbers big time. I would hope this would be a bit offset by the Olympics! I too would like a recession in Oz, although I'd be happy for a 24 hour one; just long enough for us to make a currency trade!! Depends whose employ these economists are in largely. There will be little pre warning as the economy will be talked/bigged up until impossible to do so. A common ploy is to cast doubt in the minds of the public...most folk appear to fall in line with the positive industry accounts..... Link to comment Share on other sites More sharing options...
flag of convenience Posted April 25, 2012 Share Posted April 25, 2012 This point of issue in this topic is whether the Australian banks, in general, acted more recklessly than the UK or American banks, in general.No they did not. I would have thought it is not a question of who was the most reckless but more that certain Australian banks were also experiencing trouble. Without what for all intents and purposes the American Fed didn't bail out the mentioned bank to the tune of $ 4.5 billion Australia would likely to have been in dire trouble, as taxpayers would have been required to bail them out. Link to comment Share on other sites More sharing options...
an1ta Posted April 25, 2012 Share Posted April 25, 2012 No one said that. The OP said that Australian bank lending had been "worse" - more reckless - than the UK and US.Someone just said that is simply untrue. All "big four" of the Australian banks are rated in the top 18 safest banks in the world - only 1 UK bank is (and no US bank). so I got it wrong, but no bank is safe, ask the ones that no longer exist, The people that put there money in those banks thought they where safe. POOR SODS. And if banls are willing to lend someone nearly a million when they only earn one hundred and fifty thousand, then that bank deserves everything its got coming to it. SAFE I STILL DONT THINK SO Link to comment Share on other sites More sharing options...
bensym Posted April 25, 2012 Share Posted April 25, 2012 Well GBPAUD lost a cent on that UK GDP data and is beginning to claw back the loss, so fairly resilient. There was some stronger than expected data from the UK last week (unemployment) and weaker than expected Aussie CPI this week. 50bp of RBA easing is already priced in over the next two meetings and MPC is voting against further QE now. With further stronger figures out of the UK the MPC will look to get back to tackling inflation and raise rates. I would imagine there will be some positives out of the Olympics. Look AUD is at record highs, for those long GBP, data in both countries is starting to move in the right direction for GBPAUD to rally. I'm looking to move to Oz in June, and will be converting minimal currency when I do it. Link to comment Share on other sites More sharing options...
pintpot Posted April 25, 2012 Share Posted April 25, 2012 This point of issue in this topic is whether the Australian banks, in general, acted more recklessly than the UK or American banks, in general.No they did not. The bigger factor in recklessness than nationality was size - the Aussie banks are all quite considerably smaller (when measured by revenue or assets, rather than market cap, as the latter is distorted by current depressed share prices) Not knocking them (the Aussie banks) - they were managed decently in torrid times, but I note are regularly bashed in the press for the same conservative view on margins that led to this...... UK High Street banks? Recklessness in direct lending was a speciality of demutualised, medium-sized, ex-building societies who typically had a model of using short term debt to fund long term lending and inflated their loan books excessively using this. Northern Rock, Alliance & Leicester, Bradford & Bingley, HBOS RBS acquired recklessly - esp. ABN Amro which was the real thing that broke them. Lloyds got tucked up by Gordon Brown persuading them to throw HBOS a lifeline. Not a huge amount of recklessness at the other big two UK banks. Barclays, Lloyds, RBS got caught as did most globally large banks by the size of their exposure to dodgy derivatives after AIG fell apart. Almost all banks had some exposure to this, but it was the big boys that really got caught just by dint of their size FWIW if you're going to point at one bank from the UK or Aus that you'd pick out as particularly well run, managing to avoid big exposures whilst still retaining good margins AND being a very large operation throughout the sh1tstorm, it would be HSBC Again, I'm not knocking Aussie banks. But I detect some smugness at times in the Aus press on this issue that's not justified Link to comment Share on other sites More sharing options...
starlight7 Posted April 25, 2012 Share Posted April 25, 2012 Australia has a very poor government just now. They seem to stuff up everything they touch. This tme next yeare should be heading towards a slightly better one, hopefully Link to comment Share on other sites More sharing options...
Skani Posted April 25, 2012 Share Posted April 25, 2012 I would have thought it is not a question of who was the most reckless but more that certain Australian banks were also experiencing trouble. It is not a question of what you or anyone else thought or which banks might or might not have been experiencing trouble. The original post in this thread stated, in relation to Australia: Bank lending has been far worse than the U.K or America. I merely said... IT HAS NOT BEEN FAR WORSE THAN THE U.K. OR AMERICA.:arghh: Link to comment Share on other sites More sharing options...
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