Rates cut unevenly

FARMERS need interest relief, but self-funded retirees fear reduced interest income from their investments.

Gympie Bank of Queensland customers were this week among the first to receive good news about a passing on of Reserve Bank interest rate cuts announced this week.

"We've passed on as much as we can at this point," BOQ Gympie owner-manager Jellina White said.

"Because of troubles in Europe and elsewhere, the bank's cost of raising money is up. Competition for deposits is also at an all-time high, so the bank is paying very competitive rates on term deposit saving."

AgForce senior policy adviser Dale Miller said primary producers were having to cope with a high Australian dollar and tough international competition.

"They are also dealing with rising input costs (fuel, fertiliser and electricity) and many are carrying a high debt burden as they work to recover from the drought and pay for necessary property expansions," he said.

"Many are increasing the size of their operation to spread out some of those costs."

National Seniors Gympie president Col Wessling said it was the self-funded retirees who had felt the pain of lost income from successive interest rate cuts.

The group meets next Thursday at the Gympie RSL Orchid Room from 10am, all welcome.

Gympie Times


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