My Australian friends, you must know this.
The only reason Australian mortgage rates and other bank loan rates are high, is; because Australia workers and house holds keep spending money.
The Federal and State Governments keep spending (wasting) money, the big mining companies keep spending money;
also foreign investors can bring their money to this country, Australia, and buy shares and get good dividends from Australian bank shares.
This is the only reason why Australian home mortgage loans and bank loans have much higher interest rates than they should.
If the Australian public cut back spending and only purchased necessary items over the next year; if we also encourage local councils and our local and federal politicians to do the same;
Then this would slow the Australian economy and force mining companies to stop spending, it would also encourage/make overseas investors pull their money out
This would force home loans interests rates right down, it would also do the same for other loans like personal loans, car loans and any other form of loan rate would also go right down.
Then the Reserve Bank would have to lower official interest rates right down, even 2% lower, and the average mortgage holder and people with bank loans would pay far less interest.
This could save the average Australian household $200 to $800 a Month on their mortgages and other personal and business loans.
By our continued unnecessary spending, we are subsidizing big mining companies, banks and overseas investors, allowing them more profits.
So lets DO IT. Let's stop spending and tell all our friends to stop spending and then we will all be far better off financially.
Please forward this message to every Australian and everyone you know.