Old Project Avalon Forum (ARCHIVE) - View Single Post - Australia - The Banks Have "More Power" Then Kevin07?

sehnsuchtben · 10-23-2008, 01:46 AM

Hey mate,
Just wondering what you mean by that. Kevin's just the PM, he reacts to problems as they arise. In markets, banks definitely have more power than K-Rudd because they are 'in them'. As far as the RBA goes, the official line is that while the RBA is wholly owned by the Aust. Govt., it is a totally separate entity, and is not to be influenced by politicians at any level but rather by the chairman and it's board (who are representatives from big business all over Aust.), which is why Turnbull and Nelson were both criticised for their comments about passing on rate cuts to mortgage holders.

10-23-2008, 01:46 AM	#2
sehnsuchtben Avalon Senior Member Join Date: Sep 2008 Posts: 30	Re: Australia - The Banks Have "More Power" Then Kevin07? Hey mate, Just wondering what you mean by that. Kevin's just the PM, he reacts to problems as they arise. In markets, banks definitely have more power than K-Rudd because they are 'in them'. As far as the RBA goes, the official line is that while the RBA is wholly owned by the Aust. Govt., it is a totally separate entity, and is not to be influenced by politicians at any level but rather by the chairman and it's board (who are representatives from big business all over Aust.), which is why Turnbull and Nelson were both criticised for their comments about passing on rate cuts to mortgage holders.