The purpose of increasing interest rates as a ‘blunt instrument’ to lower inflation, is simply to take disposable income out of the hands of people so they cannot spend it.
The banks are making windfall profits out of these ever-increasing interest charges.
What if the increased interest charges went into the person’s super fund instead of the banks, so they get to spend their own money on themselves as they age?
Otherwise the banks are simply passing on profits to their shareholders at the expense of their overburdened customers.
For four decades The Echo has printed the stories some people loved, some people hated, and some pretended not to read. If you want us to keep telling the truth, the real truth, not the sugar-coated version. We’ll need your support to keep the presses rolling. 
