Homeowners face the prospect of higher mortgage rates as a result of the royal commission into the banks, the Australian Bankers’ Association has warned.
Chief executive Anna Bligh warned that the local banks’ borrowing costs could rise as offshore lenders regarded them as riskier prospects because of the uncertainty surrounding the royal commission.
“All Australian banks continue to be of the view that a banking royal commission is unnecessary and unwarranted.
“They are deeply concerned that such an inquiry will have an impact on Australia’s reputation in international money markets,” Ms Bligh said.
Perhaps, perhaps not. As of yesterday the evidence was that funding costs were falling towards post-GFC lows, even for the biggest sleaze of them all:
But if funding costs do rise owing to the discovery and prosecution of criminal behaviours then that will also benefit consumers. Such criminality undermines faith in the system, financial stability and faith in liberal democracy in general. Not to mention luring households into investments that are ill-founded, insecure and dodgy. As well, once purged, the banks will enjoy lower funding costs than otherwise.
The RC is the embodiment of failure for Evil Anna given she was hired to run a fake government reform program to prevent just this outcome. Doubling down on the evil now is hardly in anybody’s interests.
She is the most glaringly public policy apostate in the country and should resign or be sacked forthwith.
