s n r i a C
Local News
JUNE 02, 2023
100% LOCALLY OWNED & INDEPENDENT
Bank cuts interest rates
cairnslocalnews.com.au
COV E R I N G M O S S M A N TO T H E C A S S OWA RY COAS T
‘HAMMER’ NAILS 4870
l Cairns
Handy tips to ease cost of living Page 3
This is not a FAKE headline – Cairns Bank axes lending costs l CAIRNS CBD | Nick Dalton
Maroons centre Hamiso "Hammer" Tabuai-Fidow – one of the heroes of Queensland's 26-18 win in game one of the State of Origin series - is proud of his Cairns background and last Wednesday night wore the city's postcode 4870 on his left sleeve during the match. FULL STORY PAGE 4 Picture: Queensland Rugby League
CAIRNS Bank – the people’s bank – has cut interest rates in a bid to help their customers who are ‘hurting’ because of cost-of-living pressures. When the Reserve Bank of Australia (RBA) increased rates by .25 per cent to 3.85 per cent on May 2, Cairns Bank reduced their residential home rate on loans from 7.5 per cent to 6.99 per cent or by .51 per cent. Earlier, in March, when the RBA upped the rate again by .25 per cent, Cairns Bank kept their figure at 7.5 per cent. Cairns Bank chief executive officer Peter Phillips said their customers were hurting because of the increased costs of living. “When the RBA increased it again by .25 per cent we asked ourselves what can we do to look after our customers,” he said “We’re not about rates, we are about looking after our customers.
VACATION CARE PROGRAM OPEN MONDAY TO FRIDAY FROM 6.00AM - 6.30PM
Vacation care includes FREE chef cooked nutritious meals and FREE exciting excursions, starting at $12 per day!
LIMITED POSITIONS AVAILABLE Early Childhood Education inspired by Call our Friendly Director the Curiosity Approach. on (07) 4222 3325
21-23 Robert Road, Bentley Park QLD 4869 | 4222 3325
“This is going to hurt us too, on our profits, but we are focused on our customers,” he said. “It will come off our bottom line. We won’t be making as much profit but this is about investing in our customers.” Mr Phillips said the bank’s variable rate was 7.5 per cent when most others were around the 8 per cent mark and the fixed rate was between 5.5 and 5.75 per cent, about the same as other banks. But he said as far as he was aware Cairns Bank was the only financial institute to reduce its loan rates. Mr Phillips said he believed the RBA would continue to increase rates but the bank could absorb another .5 per cent in rises. “By our customers not having to increase their repayments they can buy groceries and handle rising energy costs.” He said the bank was considering other ways to help their customers as well. Cairns Bank is owned by the people of the region and was established in 1899. READ MORE ON PAGE 2
l Douglas Shire
Your Douglas News liftout inside Pages 17-20
l Entertainment
Festivals galore across Far North Pages 3, 11, 16, 22, 24