The big four banks have hinted they won’t pass on an expected 0.25 per cent cut in February, using the European financial crisis as an excuse. We now learn that the Japanese are thinking of opening banks in Australia and wonder what took them so long. The experts are saying there is $100 billion to be made and you can see desperate mortgage holders leaving the big four in droves if a lower interest rate was on offer. There won’t be any loyalty either because we hate them with a passion, especially when they announce their latest profit figures.
Last week Westpac committed the greatest insult ever - they made 188 employees redundant but before they go, they must train the Indian workers, here on temporary visas, who will take their place. “She’s been shadowing me, sitting next to me and I have to teach her how to do my day-to-day job” said Russell Siachico, a Westpac employee of 15 years.
There are at least three Japanese banks interested – Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group.
Mark Bouris from Yellow Brick Road said "It's what our marketplace needs." Bouris and John Symonds from Aussie Home Loans are both millionaires because they took a gamble and introduced a serious competitive challenge to the big banks. So ‘come on down’ Japan and give us a reason to bid our bank goodbye.
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