9News | Banks were quick to pass on rate hikes – just not for savers by 9News

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After the Reserve Bank of Australia lifted the cash‑rate target to 4.35 %, the four major banks quickly announced higher borrowing costs but have been slower to pass the increase on to savers. So far only Westpac has confirmed a rise, offering a 5.75 % ongoing rate on its Spend & Save account for customers aged 18‑34 who meet monthly bonus conditions, while its base rate remains unchanged for others. AMP already provides a “no‑strings‑attached” rate of 5.10 %, and Macquarie will raise its condition‑free account to 5.00 % from 22 May. The Commonwealth Bank, NAB and ANZ say their savings rates are under review and, based on past behaviour, are likely to pass on only part of the hike or impose strict eligibility criteria. Analysts note that after the March increase, bonus‑linked rates rose modestly (about 0.28 pp) while base rates barely moved, and that delaying or limiting pass‑throughs helps the banks protect profit margins—profits that recently hit a collective $43 billion pre‑tax, placing them among Australia’s most lucrative companies.

Read more: https://www.9news.com.au/national/major-banks-hold-off-passing-interest-rate-hike-onto-savers/95de7946-5c86-403e-8108-d555dadb5b34

#ReserveBank #Westpac #AMP #MacquarieBank #CommonwealthBank #NAB #ANZ #RioTinto #BHP #national

Sacred Waters Ebb as Mining Giant's Thirst Grows

Robe River Kuruma people say Rio Tinto's water use is drying up their sacred waterhole. A new plant will supply water, but elders want faster changes.

#RobeRiver #RioTinto #WaterScarcity #IndigenousRights #Pilbara

https://newsletter.tf/rio-tinto-water-use-dries-sacred-robe-river-waterhole/

Rio Tinto's water extraction is drying up a sacred waterhole for the Robe River Kuruma people. The company is building a new desalination plant to help.

#RobeRiver #RioTinto #WaterScarcity #IndigenousRights #Pilbara
https://newsletter.tf/rio-tinto-water-use-dries-sacred-robe-river-waterhole/

Today in labor history April 30, 1871: A mob massacred more than 100 Apaches at Camp Grant, Arizona. The mob included 48 Mexican Americans and 92 Tohono O’odham. Most of the Apaches that were killed were women and children. The Apaches had already surrendered and placed themselves under U.S. protection when the attack occurred. As a result, the Apache, and their Yavapai allies, launched a series of attacks against the U.S. Their attacks continued into 1875. Descendants of those massacred are currently fighting against Resolution Copper, a subsidiary of Rio Tinto, to block mining on the massacre site—the third largest copper deposit in the world. John McCain and Jeff Flake authored the legislation that opened the site to mining. Seventh-day Adventists, the Islam and Religious Freedom Action Team of the Religious Freedom Institute, Mormons, the Christian Legal Society, Jewish Coalition for Religious Liberty, and the Sikh Coalition, have joined together to support the Apache and filed legal briefs for them. Rio Tinto is responsible for some of the worst environmental devastation on the planet, union busting, and for the mass murder of indigenous environmental and labor activists around the world. They also have a history of collaborating with fascists, including Franco, in Spain. As recently as March, 2024, the federal courts have ruled in favor of Rio Tinto, allowing them to mine the sacred Apache land.

#workingclass #LaborHistory #massacre #indigenous #genocide #RioTinto #copper #mining #union #fascism #racism #pollution #apache #nativeamerican #sacredland #solidarity

Lithium of discord

https://serbianism.com/2025/01/29/lithium-of-discord/