The Commonwealth Bank made a legion of new enemies this week by raising its mortgage rates by 0.45 per cent when the Reserve Bank hiked the official rate by only 0.25 per cent. The protests have fallen on deaf ears at the Bank, they are well-used to abuse.
I understand the banks have also raised the ire of the outlaw motorcycle fraternity by quietly sending letters to clubs with business and personal accounts informing them that their custom is no longer required.
It’s understandable given the passage of laws in various states that will effectively ban the clubs, but have they jumped the gun?
On November 11, the Finks Motorcycle Club’s long fight against banning orders in South Australia will come to judgement in the High Court. The early mail is that the High Court is likely to rule SA Premier Mike Rann’s Serious and Organised Crime Control Act offends the national constitution in denying procedural fairness to bikies. Better legal minds than me say SOCA is a diabolical law allowing the police to place control orders on members of proscribed organisations without revealing their secret evidence or having their witnesses tested in court. If the bikies win at the High Court, legislation in WA and NSW will also be challenged. The Queensland bikers are already in the High Court.
Contrary to popular opinion there are bikers who work for a living and run legal businesses. The Commonwealth’s actions seem rather cynical, both in terms of home rates and the bikers’ business accounts. But I say to both parties, if you don’t like your bank, there are plenty of others. The client lists of all the banks include such villains as casinos, Big Tobacco and the Catholic Church.
Maybe the Commonwealth Bank is worried about all those burly guys walking into branches with their helmets on.