Whilst sharing a meal and glass of red with a banker friend of mine last night, I expressed surprise that Commonwealth Bank had been the first to move on rates. With such a massive retail base, I explained, it would seem to me they have the most to lose.
It wasn’t a surprise, he responded, everyone knew Commonwealth would be the first to go. When I pressed him further his explanation was ‘it was their turn’.
Collusion amongst the big banks? Surely not.