Karl Stefanovic slams the big banks for raising their interest rates trends now
Karl Stefanovic has taken aim at the big banks he says are 'eating away at the savings of Australians' after they passed the latest interest rate hike onto consumers.
The Reserve Bank of Australia (RBA) on Tuesday hiked the cash rate 25 basis points to 3.35 per cent and warned further increases will follow to bring inflation from 7.8 per cent back to within 2 to 3 per cent.
Since May 2022 an extra $908 a month in repayments has been put on the average borrower with a $500,000 loan because of the rate increases, according to RateCity.
'Could they be any colder in their treatment of hardworking Australians?' Stefanovic said on the Today show on Wednesday.
'Do you remember during the pandemic when we had rate cuts? The banks seldom passed them on. And now they're like greedy moths to the flame, eating away at your savings, eating into your standard of living, your future' he fumed.
Karl Stefanovic has slammed Australia's 'greedy' big banks for passing on interest rate hikes adding hundreds of dollars to monthly mortgages and 'decimating' household