Australian bank fees and charges earn additional $2 billion
16 February 2009
The research data showed that banks made $22.6 billion from income from fees and commissions as opposed to the $20.48 billion the previous year. These fees and commissions were made in the majority on the back of banks not following the Reserve Bank of Australia in any rate cuts and maintaining their own rates on credit cards, mortgages and personal loans.
Banks began raising their interest rates independent to the Reserve Bank of Australia in January 2008, attributing their actions to the global economic crisis. This move was followed by further increases over the following months.
However, the banks have not been matching the Reserve Banks cuts to its rates with some even holding onto some of the RBA's rate cuts in their profit margins.
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