News from across the Ditch

funnybird

Readers shouldn't be surprised at the ridiculous charges levied by ASB Bank. Their parent in Australia (Commonwealth Bank) attracted condemnation for increasing floating mortgage rates within an hour of the Reserve Bank of Australia raising the official cash rate, says Mike. "The rate rise was 0.25 per cent but CBA raised their rates by 0.45 per cent with indecent haste. The bank only made A$6.1 billion last year, and their CEO (Kiwi Ralph Norris) only earns A$16.2m a year, so I can see why they needed the top up..."

(Source: NZ Herald)