1
00:00:00,080 --> 00:00:02,640
Speaker 1: The banking market getting increasingly competitive. Course posts of the

2
00:00:02,680 --> 00:00:04,960
Speaker 1: Reserve Bank move last week on the cash rate. Retail

3
00:00:05,080 --> 00:00:07,080
Speaker 1: rates are now falling. A and Z cut some of

4
00:00:07,080 --> 00:00:09,240
Speaker 1: their fixed rates yesterday for a second time in a week.

5
00:00:09,480 --> 00:00:11,559
Speaker 1: Cooperative in the game as well. They're one year rate,

6
00:00:11,600 --> 00:00:13,560
Speaker 1: which is at six three nine is now market lead

7
00:00:13,560 --> 00:00:15,960
Speaker 1: at the chief executive, Mark Wiltshare is well, it's Mark,

8
00:00:16,040 --> 00:00:16,880
Speaker 1: very good morning to you.

9
00:00:17,480 --> 00:00:18,200
Speaker 2: Good morning Mike.

10
00:00:18,320 --> 00:00:20,840
Speaker 1: How competitive is it for a bank at the moment.

11
00:00:21,680 --> 00:00:23,640
Speaker 2: Yeah, it's good to see good use of home and

12
00:00:23,720 --> 00:00:26,240
Speaker 2: it's out the round of rate cuts from the banks

13
00:00:26,280 --> 00:00:28,480
Speaker 2: and as you say that leading you rate the one

14
00:00:28,520 --> 00:00:31,520
Speaker 2: year so they've come down quite quickly forty point reductions

15
00:00:31,520 --> 00:00:33,800
Speaker 2: they start to add up for customers. So you can

16
00:00:33,840 --> 00:00:35,360
Speaker 2: certainly see that competition out there now.

17
00:00:35,720 --> 00:00:38,680
Speaker 1: Is it hard to generate appetite for debt when I

18
00:00:38,760 --> 00:00:40,760
Speaker 1: know full well in a month's time they're coming down

19
00:00:40,800 --> 00:00:41,320
Speaker 1: even further.

20
00:00:42,920 --> 00:00:45,400
Speaker 2: Yeah, I think people will look carefully, you know, how

21
00:00:45,440 --> 00:00:48,319
Speaker 2: long they want to fix it for probably the six

22
00:00:48,479 --> 00:00:51,680
Speaker 2: months one years where we're seeing most customers go. People

23
00:00:51,720 --> 00:00:54,520
Speaker 2: always have a need of course to buy and sell

24
00:00:54,640 --> 00:00:57,200
Speaker 2: in a market, so that'll de tape when they pull

25
00:00:57,280 --> 00:00:59,280
Speaker 2: the trigger, but people can always sit for a little

26
00:00:59,280 --> 00:01:01,440
Speaker 2: bit on a floating while they're looking at those rates

27
00:01:01,520 --> 00:01:02,320
Speaker 2: making the decisions.

28
00:01:02,600 --> 00:01:06,039
Speaker 1: What's your feel for what the Reserve Bank did, what's

29
00:01:06,080 --> 00:01:08,720
Speaker 1: happening in the retail market at the moment as regards

30
00:01:08,720 --> 00:01:10,639
Speaker 1: the economy and moving this country forward.

31
00:01:11,640 --> 00:01:13,800
Speaker 2: Yeah, I heard one of your earlier commentators, Look, I

32
00:01:13,800 --> 00:01:17,800
Speaker 2: think it was a good move to reduce now. Personally,

33
00:01:17,840 --> 00:01:19,720
Speaker 2: I was sort of bit surprised to see it happened then,

34
00:01:19,760 --> 00:01:22,800
Speaker 2: but it was the right call. So yeah, I think

35
00:01:22,800 --> 00:01:25,720
Speaker 2: the economy was starting to hurt, and certainly that some

36
00:01:25,800 --> 00:01:28,280
Speaker 2: of the feedback we've had from our customers around the country,

37
00:01:28,760 --> 00:01:30,840
Speaker 2: So I think it'll be a relief to go from

38
00:01:30,880 --> 00:01:33,360
Speaker 2: having to have increases and your regular payments to now

39
00:01:33,400 --> 00:01:36,840
Speaker 2: actually having rate decreases coming through into your pocket. So

40
00:01:37,120 --> 00:01:40,240
Speaker 2: I think the timing was really important, and the signals

41
00:01:40,280 --> 00:01:42,600
Speaker 2: were that there was quite a lot of confidence in

42
00:01:42,680 --> 00:01:45,520
Speaker 2: the economy, so it is certainly timely to get those

43
00:01:45,600 --> 00:01:46,360
Speaker 2: rate reductions out.

44
00:01:46,480 --> 00:01:48,720
Speaker 1: Good stuff. Make appreciate it very much. Mike Wilshaw, who's

45
00:01:48,720 --> 00:01:51,600
Speaker 1: the Cooperative Bank CEO, with us this morning. For more

46
00:01:51,680 --> 00:01:54,760
Speaker 1: from the Mic Asking Breakfast, listen live to news talks

47
00:01:54,760 --> 00:01:57,960
Speaker 1: that'd be from six am weekdays, or follow the podcast

48
00:01:58,000 --> 00:01:58,880
Speaker 1: on iHeartRadio