IT seems that globalisation has overtaken any autonomy Australia might have had.
If the banks that hold the majority of the home mortgage market can get away with blaming the cost of borrowing funds overseas for their refusal to pass on RBA interest rate cuts, the exercise becomes purely academic.
Experts are always on hand to calculate the amount home mortagors will save on each cut but if the cut is not passed on the sum is zero.
Thus the Reserve Bank is wasting its time and effort. Once again we, the people, are the losers.
RON FISCHER
Ballarat
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