A veteran breakfast television presenter has taken the RBA and Australia's big banks to task following a ninth consecutive cash rate hike, as families feel further strain on already tight budgets.
TV host Karl Stefanovic has labelled big banks as"greedy moths to the flame" following the Reserve Bank's decision to lift the cash rate for a ninth consecutive time.on Tuesday afternoon to 3.35 per cent, which is the highest level in more than a decade.
Stefanovic on Wednesday morning read out frustrated social media posts from households who were already struggling to make ends meet. "But how much do they really care? Do you remember during the pandemic when we had rate cuts, the banks seldom passed them on, and now they're like greedy moths to the flame, eating away at your savings, eating into your standard of living, eating into your future, they should be ashamed of themselves.NSW Premier Dominic Perrottet also had a crack at the major banks and urged them to be looking after families during these difficult economic times.
"During some of the darkest days in the pandemic when the Reserve Bank was cutting rates, only on one occasion... did the banks pass that rate cut in full and on another occasion they didn't pass it on in full."
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