Dear Gail,
I can call you Gail, right? After all, I was a very loyal St George customer during your rein as the St George Queen and when you resigned and were crowned Queen of Westpac, I dutifully followed you to your new kingdom.
I am ridiculously proud of you. Not only are you the only woman chief of any of the big banks, you were placed 8th Most Powerful Woman according to Forbes Magazine this year, and you are a mum, to four children, including triplets! The changes you made at St George were inspirational. Your work at Westpac has been outstanding.
Your latest in a very long line of achievements, Westpac’s 84% net profit increase to $6.35 billion is very impressive, incredible even. Under your rein, Westpac has the highest profit of the big four banks for 2010, you are working your magic here, just as you did at the Kingdom of St George.
I’m sure your shareholders are tickled pink with Westpac’s profits. Problem is, while I’m a loyal customer, like many of your loyal customers, I’m not a shareholder. I am, however, one of the many who has had to keep tightening my belt to afford the interest rate rises.
You have said that Westpac is yet to make a decision on what they plan to do about rate rises, and that it remains under review. My request is this, please think of all of your loyal customers who have been tightening their belts, and ask yourself, how many notches do you think they have left?
My mortgage has risen over $100 a week in the last year. This has meant that instead of enjoying time with my newborn, I have to go back to work. If interest rates continue to rise as they have been, my newborn will remain an only child unless we win lotto, rent out our home to strangers and rent somewhere cheaper, or sell our home. I don’t have an extravagant home. And my husband works 60-hour weeks so we can afford it.
So I am appealing to you not as the CEO of a major bank, but as a mother, please think of all of your loyal customers who are families, struggling to make ends meet, and act accordingly.
Yours Sincerely,
The Mummy Hat
How have the interest rate rises affected you and your family?
If you rent, has your rent increased significantly in the last year or so?
How have the interest rate rises affected you and your family?
If you rent, has your rent increased significantly in the last year or so?
We have gone from flying high a few years ago to going backwards today. We have had a few circumstances change so where we were 'comfortable' *undertoned with sarcasm* with the higher interests before, we are sinking fast now, even though the rates are still lower.
ReplyDeleteOur piggy banks are empty...as are the kids' piggy banks. Rising inflation caused by credit card spending is actually caused by people like us...those who have no many left and need to use the card for essential everyday items...its a vicious cycle.
They say mortgage stress is anything over 30% of income, well some months these days its lucky for us to be under 50%...and you know what it sucks.
I'm a SAHM of two beautiful kids, but for us to survive I will have find a job BUT then I have to pay childcare fees for two...I will be lucky to have anything left in my hand at the end of each week - its an almost pointless exercise. I don't get to be with my kids, AND my entire wage will be paid out to someone else who does get to be with my kids...hardly seems fair to me.