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Last Updated:
Dec 27, 2011 - 1:04:57 PM
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When the Reserve Bank raises or cuts rates and how the Big Four banks respond - ANZ, Commonwealth, NAB and Westpac - becomes a matter of controversy about the irrelevance of Federal Labor Treasurer Wayne Swan. What is real, however, is that Federal Labor has encouraged the strengthening of the mutual alternative with three mutuals now allowed to call themselves banks and the Federal Government deposit guarantee applying equally to the Big Four and mutuals. Statistics from APRA show that for the year ended 30 September the assets of credit unions, building societies and mutual banks grew by 8.7% compared with 7.9% for the major banks.
© Copyright 2011 by Co-operatives Victoria News
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