Westpac’s rate rise has been defended by CEO Brian Hartzer, in light of the fact that, “sometimes when the economy says no, it really means yes.”
Westpac have raised interest rates by 0.2 percentage points, despite no move from The Reserve Bank. The bank’s policy has angered their customers, but the institution is unrepentant with the CEO claiming that, “the customers are in a bit of a mood right now and they are overreacting a bit, but we know they like it.”
Added Hartzer, “Besides, when the economy dresses itself up in those tight little profit margins, you can’t really blame a bank for wanting to have a piece of it.
“And you know the economy knew exactly what would happen if it kept partying on like that, after all we’re only a massive financial business, you can’t expect us to go against our instincts when the economy teases and tempts us.”
Customers are not convinced, except for misogynists who can “totally see where the bank is coming from,” with many left feeling isolated and ashamed when divulging to family and friends that the rate rise had happened to them.
Mary Hudson told her parents that Westpac had raised rates on her, but her parents response was less than supportive, asking questions like, “what did you do to provoke the rate?” and, “how much did you have to drink before asking for that home loan anyway?”
Westpac is the only bank to move rates up at this stage but the other banks are bound to join in while the economy is still in a mixture of shock and under the influence of cheaper commodity prices.
Calls on the Government to put pressure on the banks have fallen on deaf ears with the new Treasurer Scott Morrison saying, “this wasn’t an aggressive rate or a violent rate, this was a legitimate rate, a totally legitimate rate.”