Well thanks, fellas, for the feedback, though no one has really explained anything to my satisfaction. It seems to me the cost of money should be stabalising by now, and that the lenders still have the basis points in the bank that they withheld. If they continue to pass on the full increase when rates go up (and the cynic in me says they will), regardless of the cost of money, its a net sum gain for the share holders--and a rationale for more obscene executive bonuses. Conversely, assuming the banks are struggling (brings a tear to my eye)in the current climate, when the cost of money normalises will they they then give those basis points back? I was delighted to hear on RN this morning that a representative from Choice has condemned the banks for passing on the full 25 point rise.
I'm also interested to note that the sages of economic (pseudo)science all seem to be (white?), male, conservative voters. It's curious that, since Rudd and co continue to handle the whole situation so badly, the rest of the world is all admiration. But of course the credit all goes to the former government, doesn't it, which was gearing up for an even bigger cash splash than Labor during the election campaign, and would certainly have followed the US/European lead on stimulous spending--the difference being of course that more of the money might have found its way into middle class bank accounts.