Why rate cuts help household spending: 1\/ Aust hholds have approx $750bn in deposits but $1700bn in debt….<\/p>\n
…so a 1% rate cuts makes depositors $7.5bn worse off, but borrowers $17bn better off. The net gain for households is $9.5b !<\/p>\n
Reason #2 as to why rate cuts help. Depositors r less likely to change spending on rate changes than borrowers (families with mortgage)<\/p><\/blockquote>\n
He is right that rate cuts stimulate household spending, but that is not the only consideration. Rate cuts also stimulate borrowing and expansion of the money supply — leading to asset bubbles and inflation. They further force savers\/investors to take greater risks in the scramble for yield, leaving them exposed if the bubble collapses. If only we could let market forces of credit supply and demand determine the rate — and resist the urge to tinker.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shane Oliver at AMP recently tweeted: Why rate cuts help household spending: 1\/ Aust hholds have approx $750bn in deposits but $1700bn in debt…. …so a 1% rate cuts makes depositors $7.5bn worse off, but borrowers $17bn better off. The net gain for households is $9.5b ! Reason #2 as to why rate cuts help. … <\/p>\n
Continue reading “Rate cuts: Short-term benefit, long-term pain”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31],"tags":[1729,1858,2346,3055],"class_list":["post-6875","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","tag-household-spending","tag-interest-rates","tag-monetary-policy","tag-scramble-for-yield"],"yoast_head":"\nRate cuts: Short-term benefit, long-term pain - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rate cuts: Short-term benefit, long-term pain - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Shane Oliver at AMP recently tweeted: Why rate cuts help household spending: 1\/ Aust hholds have approx $750bn in deposits but $1700bn in debt…. …so a 1% rate cuts makes depositors $7.5bn worse off, but borrowers $17bn better off. The net gain for households is $9.5b ! 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Rising average tax rates -- through bracket creep caused by inflation -- have been doing some of the heavy-lifting in slowing the economy and curbing\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Australian Government: Tax Cuts Ad","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-06-aus-taxcuts.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-06-aus-taxcuts.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-05-06-aus-taxcuts.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":18282,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/05\/28\/westpacs-bill-evans-predicts-record-rate-cuts\/","url_meta":{"origin":6875,"position":1},"title":"Westpac’s Bill Evans predicts record rate cuts","author":"Colin Twiggs","date":"May 28, 2019","format":"video","excerpt":"Westpac's Bill Evans predicts that the RBA will cut the cash rate to as low as 0.75%. Cutting rates, especially from this low a base, is not a bullish sign. It will warn of RBA concern at the pace that the economy is contracting. Central banks are data-driven. They do\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19880,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/03\/07\/australia-the-bear-case\/","url_meta":{"origin":6875,"position":2},"title":"Australia: The bear case","author":"Colin Twiggs","date":"March 7, 2020","format":false,"excerpt":"The RBA cut the cash rate by 25 basis points on Wednesday this week, to a record low of 0.50%. This was necessary in order to limit the interest rate differential with the US and protect the currency. But it will not do much to help the economy. Household debt\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17863,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/02\/11\/why-the-rba-shouldnt-cut-interest-rates\/","url_meta":{"origin":6875,"position":3},"title":"Why the RBA shouldn’t cut interest rates","author":"Colin Twiggs","date":"February 11, 2019","format":false,"excerpt":"There are growing cries in local media for the RBA to cut interest rates in order to avoid a recession. House prices are falling and shrinking finance commitments point to further price falls. Declining housing values are likely to lead to a negative wealth effect, with falling consumption as household\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48012,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/02\/02\/australian-cpi-falls-but-no-rate-cuts-in-sight\/","url_meta":{"origin":6875,"position":4},"title":"Australian CPI falls but no rate cuts in sight","author":"Colin Twiggs","date":"February 2, 2024","format":false,"excerpt":"Quarterly CPI fell to 4.1% for the 12 months to December, while the trimmed mean is not far behind at 4.2%. Household rent increases remain strong, however, boosted by a surge in immigration. Conclusion Inflation, apart from rents is generally falling as the economy slows. But the RBA is unlikely\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"CPI & Trimmed Mean","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-02-aus-cpi.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-02-aus-cpi.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-02-aus-cpi.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-02-02-aus-cpi.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":19282,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/19\/asx-and-3-headwinds\/","url_meta":{"origin":6875,"position":5},"title":"ASX and 3 headwinds","author":"Colin Twiggs","date":"October 19, 2019","format":false,"excerpt":"Despite recent strong performance, investor enthusiasm may be cooling, with the Australian economy facing three headwinds. Declining Household Spending Household income growth is faltering and weighing down consumption. Household spending would have fallen even further, dragging the economy into recession, if households were not digging into savings to maintain their\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6875"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6875\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}