The Australian’s Adam Creighton says banks are being “quasi-nationalised” by the RBA. “The Reserve Bank earlier this week increased this thing called the term funding facility ... to two-hundred billion,” Mr Creighton told Sky News host Peta Credlin.
“This is basically a way to subsidise the banking system. “The banks can go to the RBA and they can get very cheap loans … and the theory is that they will pass on those cheaper rates to households and businesses. “I think the interesting point about this is to some extent the banks are being quasi-nationalised or quasi-bailed out by the central bank.” Image: AP
Adam_Creighton just an outright lie Adam again..why dont you write up world bank and UN signatures by Morrison and Turnbull...quasimyass
Adam_Creighton Im not sure what that means but if it means being stopped from gouging the shit out of people thats a good thing
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Banks offered cheap $200b to help build economy out of recessionThe Reserve Bank will offer commercial lenders up to $200 billion in cheap cash to help bolster the recovery from recession with the depth of Australia's worst economic downturn since the end of World War II | swrighteconomy swrighteconomy And what’s the Josh Frydenberg’s plan for the economy? Where’s the road map? Ah I forgot, the LNP has no plan. swrighteconomy And then we have the anticipation of this lot gorging them selves on our super. swrighteconomy Leave it up to free market ?! 🤮 Its time for a national bank
Source: smh - 🏆 6. / 80 Read more »
Treasurer to announce Australia in first recession in three decades | Sky News AustraliaThe Treasurer is today expected to announce Australia has entered its first recession in almost three decades with an expected six per cent contraction in Gross Domestic Product during his national accounts address.\n\nJosh Frydenberg said the coronavirus pandemic swung 'a wrecking ball' through the economy but said Australia was doing better comparatively than other nations.\n\n'The impact... on GDP in the June quarter across the world has been staggering,' Mr Frydenberg said.\n\n'In the United Kingdom, it has been around 20 per cent. In France, it has been around 14 per cent.\n\n'The expectation is the fall here will not be as large as we've seen in other countries around the world indicating the remarkable resilience of the Australian economy.'\n\nThe contraction represented the worst economic downturn since records began in the 1950s - dwarfing a two per cent quarterly drop in 1974.\n\nThe Reserve Bank of Australia unsurprisingly announced yesterday it would again keep the cash rate on hold at the record low 0.25 per cent but Governor Philip Lowe confirmed another cut was unlikely for the 'forseeable future'.\n\nMeanwhile, the parliament has greenlighted the government's plan to cut Jobseeker and Jobkeeper payments beyond September when a two-tiered, revised system comes into effect through to March 2021.\n\nThe Treasurer argued it was time to begin winding back the government's high level of fiscal support, but said no Australian would be 'left in the lurch'.\n\nImage: News Corp Australia That's been the plan all a long. Go bust for the foreign takeover. FANTASTIC Well Done Great Work LittleJoshy Stand up take a bow 👏👏👏👏👏 TrillionDollarDebt from the TrillionDollarLiberals Yuup sore it coming.
Source: SkyNewsAust - 🏆 7. / 78 Read more »