The horror, the horror: banks are having to compete for our business by offering better rates

‘You only need to look at the amount of fees earned by the big four banks (Commonwealth, ANZ, NAB and Westpac) to see why the royal commission was a good idea,’ writes Greg Jericho. Composite: Reuters / The Guardian

Banks, I know you will be sad to hear, are apparently doing it tough. So tough that they are starting to cut term deposit rates because they think the Reserve Bank will cut the cash rate soon and they want to get in first so they can increase their profits.

Kicking the banks is pretty much a national pastime of Australians and, to be honest, fair enough. There’s a reason there was a royal commission into the misconduct in the banking, superannuation and financial services industry, and it wasn’t because a whole lot of lawyers had nothing better to do with their time.