AFR rate cut war cries crocodile tears for savers

Wednesday, 12 June 2019

The AFR’s war on rate cuts has shifted gear today, first Jonathon Shapiro:

For those who are ultra-careful with their money, the billboards outside bank branches in 2009 advertising 8 per cent deposit rates must have felt like a welcome reward for conservatism.

…for now, the savers may lament they are being forced to subsidise the rescue of profligate borrowers who were lent too much.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.